Definition of Stochastic Model

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TeachMeFinance.com - explain Stochastic Model



Stochastic Model

The term 'Stochastic Model ' as it applies to the area of Medicare in the United States can be defined as ' An analysis involving a random variable. For example, a stochastic model may include a frequency distribution for one assumption. From the frequency distribution, possible outcomes for the assumption are selected randomly for use in an illustration'.

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About the author

Mark McCracken

Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English".


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