Modelling with Random Numbers

Abstract

Most of this book deals with deterministic models in which values of output variables are inevitable consequences of the input data. Real life, however, is full of uncertainty and this too can be modelled. Models which take uncertainty into account are called stochastic models and the output from them is in the form of a pattern of results. This pattern is usually summarised into a histogram or distribution or encapsulated into summary measures such as the mean and standard deviation.