Final answer:
A race condition is when several processes access and update data concurrently, and the outcome depends on the order of access, leading to unpredictable results if not properly synchronized.
Step-by-step explanation:
A situation where several processes access and manipulate the same data concurrently and the outcome of the execution depends on the particular order in which access takes place is known as a race condition. This occurs in concurrent programming when two or more threads or processes can access shared data and they try to change it at the same time. If proper synchronization is not implemented, the final value of the shared data might depend on the thread scheduling and execution order, leading to unpredictable results.
An example of a race condition might occur in a banking system where two separate transactions that are trying to update the balance of a single account occur at the same time. Without proper synchronization mechanisms such as locks or semaphores, this could result in an incorrect account balance being recorded, which is a critical error. Addressing race conditions is essential for ensuring data consistency and system reliability in concurrent computing environments.