Stochastic processes involving randomness dominate in many areas of natural and man made systems. Describing their evolution quantitatively requires powerful theory from the fields of probability, statistics, and other areas of mathematics. Financial mathematics for example seeks to provide guidance in managing risk, and is at the core of modelling carried out by financial institutions and treasuries. The stochastic behaviour of cells, genes, and populations is the subject of Mathematical Biology.
Our world is dynamic and complex, and often not deterministic. The mathematics of stochastic processes is crucial in allowing us to understand and manage risk, randomness, and change.
Find out more at the Centre for Modelling of Stochastic Systems.