Probability and Stochastic Processes

Probability is the study of randomness and uncertainty. The field of stochastic processes deals with randomness as it develops dynamically, and it can be thought of as the study of collections of related, uncertain events. Research in this area finds laws governing randomness; familiar examples include the law of large numbers and the central limit theorem. Some research in probability is highly theoretical, and is connected to a number of areas of mathematics including functional analysis, measure theory and partial differential equations. Some research in probability and stochastic processes involves modelling of real systems such as service/queuing systems, financial phenomena, networks, manufacturing and other physical systems.

There is significant interaction between the research being done in probability and stochastic processes, and that in other research areas of CAM.