Stochastic refers to data which has a random probability that may be analyzed via statistics. Although individual events cannot be predicted, analyzing the distribution of random stochastic variables may result in a pattern.
Stochastic algorithms are used in artificial intelligence technology to solve problems based on probabilities. They are also commonly used in service level agreements (SLAs). For example, a vendor might use a stochastic model as a way to model out a particular service and its uptime.
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