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Gliffy Diagram
nameStochastic processes


Stochastic Processes


A stochastic process is a system of countable events, where the events occur according to some well-defined random process. Strictly speaking, a stochastic process is also concerned with the sequence in which the events occur in time, but we shall take the more usual broader definition to include counting systems where the order is of no importance. This section describes four very fundamental stochastic processes: the Binomial, Poisson, Hypergeometric, and Central Limit Theorem (CLT).