Mathematical models based on stochastic processes have proven surprisingly accurate in many situations where their underlying assumptions are unlikely to be correct. Rethinking Randomness introduces an alternative characterization of randomness and a new modeling framework that together explain the improbable success of these probabilistic models. The new approach, known as observational stochastics, is derived from "back of the envelope" methods employed routinely by engineers, experimental scientists and systems oriented practitioners working in many fields. By formalizing and extending...