A model in which at least one of the variables in the model is uncertain and must be described by some probability function is known as a:
A) static model.
B) stochastic model.
C) deterministic model.
D) dynamic model.

Question

Quizplus · Accepted Answer

Stochastic models incorporate randomness and uncertainty within the model, often using probability distributions to describe the uncertainty in one or more variables.

A Model in Which at Least One of the Variables