A Brief Introduction to Stochastic Thinking

Dimitris N. Chorafas ()

Chapter Chapter 8 in Quality Control Applications, 2013, pp 145-164 from Springer

Abstract: Abstract The word probability has a Latin root. It is a combination of probare, which means to test, prove, or approve, and ilis which stands for “able to be”. In the late seventeenth century, Jacob Bernoulli, the Swiss mathematician, said that what characterizes probability is the degree of certainty. Bernoulli added that this differs from absolute certainty as the part differs from the whole—a definition which is at the heart of stochastic thinking.

Keywords: Belief Function; Possibility Theory; Statistical Power Analysis; Tangible Asset; Normal Distribution Curve (search for similar items in EconPapers)
Date: 2013
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DOI: 10.1007/978-1-4471-2966-0_8

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