The quantum dynamics of fermionic or bosonic many-body systems following
external excitation can be successfully studied using nonequilibrium Green
functions (NEGF) or reduced density matrix methods. Approximations are
introduced via a proper choice of the selfenergy or decoupling of the
BBGKY-hierarchy. These approximations are based on Feynman's diagram approaches
or on cluster expansions into single-particle and correlation operators. Here
we develop a different approach where, instead of equations of motion for the
many-particle NEGF, equations for the correlation functions of fluctuations are
analyzed. We present a derivation of the first two equations of the alternative
hierarchy of fluctuations and discuss possible decoupling approximations. In
particular, we derive the polarization approximation (PA) which is shown to be
equivalent to the nonequilibrium GW approximation with exchange effects of
NEGF theory within the generalized Kadanoff-Baym ansatz for weak coupling. The
main advantage of the quantum fluctuations approach is that the standard
ensemble average can be replaced by a semiclassical average over different
initial realizations, as was demonstrated before by Lacroix and co-workers.
Here we introduce the stochastic GW (SGW) approximation and the stochastic
polarization approximation (SPA) which are demonstrated to be equivalent to the
GW approximation without and with exchange, respectively, in the weak
coupling limit. In addition to the standard stochastic approach to sample
initial configurations we also present an exact approach. Our numerical tests
confirm that our approach has the same favorable linear scaling with the
computation time as the recently developed G1--G2 scheme. At the same time the
SPA and SGW approaches scale more favorably with the system size than the
G1--G2 scheme, allowing to extend nonequilibrium GW calculations to bigger
systems