Stochastic modeling is a mathematical approach used to analyze and predict random events or systems. It involves the use of probability theory and statistical methods to model the uncertainty inherent in the outcomes of these events or systems. Stochastic models are commonly used in a wide range of fields, including finance, economics, engineering, biology, and telecommunications, among others. By simulating random variables or processes, stochastic modeling allows researchers to better understand and make predictions about complex systems where randomness plays a significant role.