Hi,
They are for sure but you need to be clear in what context are you referring to these. For next steps, further investigation could be carried out into the following aspects:
- Data
- Parameters
- Model
- Output
So, you can have stochastic modelling for parameters if you have had, for example, one simple inflation rate or you can have stochastic modelling to enhance the underlying model you just carried out. The same applies to statistical distribution idea. So, a little health warning about these: While a lot of ideas of assumptions and next steps are generic and may help to generate ideas in the CP2 exams. These should not be copied as-is. For example, "modelling stochastically" could be mentioned like this: Model stochastically, eg to provide a distribution of output. Remember to state which variable you intended to make stochastic.
Trust this is helpful.