Probability is the study of randomness and uncertainty. The field of stochastic processes deals with randomness as it develops dynamically and can be thought of as the study of collections of related, uncertain events. Research in this area involves finding 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; other work is more applied, involving the modeling of service or queuing systems, financial phenomena, networks, manufacturing processes, and other real-world systems.

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