Markoff Chain (Noun)
Meaning
A Markov process for which the parameter is discrete time values.
Classification
Nouns denoting natural processes.
Examples
- The Markov chain is a mathematical system that undergoes transitions from one state to another based on certain probabilistic rules.
- A Markov chain is often used to model real-world systems that exhibit random behavior, such as population growth or stock prices.
- In a Markov chain, the future state of the system depends only on its current state, not on any of its past states.
- The Markov chain is a discrete-time process, meaning that the system can only change state at specific, discrete points in time.
- A Markov chain can be represented as a directed graph, where each node represents a state and each edge represents a possible transition between states.