In opposite we know stochastic (probability) simulation, which include random variables.

Capital budgeting: Risk representation ranges from flat adjustments to cash flows and duration via risk adjusted discount rates to decision tree analysis, stochastic simulation and real options.

In order to determine the next event in a stochastic simulation, the rates of all possible changes to the state of the model are computed, and then ordered in an array.

Although this might seem obvious, this is a special point of attention in stochastic simulations, where random numbers should actually be semi-random numbers.

Actually capturing a territory depends on the number of attacking and defending armies and the associated probabilities can be expressed analytically using Markov chains, or studied numerically using stochastic simulation.

He used stochastic simulation to examine the no-arbitrage price of the S&P500, and found there to be little effect.

A number of studies have elucidated cases of the insufficiency of the linear noise approximation in biological contexts by comparison of its predictions with those of stochastic simulations.

It admits efficient stochastic simulation.

In contrast, the Gillespie algorithm allows a discrete and stochastic simulation of a system with few reactants because every reaction is explicitly simulated.

Simulations can be based on either integration of differential equations without use of random numbers (deterministic simulations) or be based on random events (stochastic simulations).