Markov Chain (Noun)
Meaning
A Markov process for which the parameter is discrete time values.
Classification
Nouns denoting natural processes.
Examples
- A discrete-time Markov chain is a sequence of random states where the future state of the system is solely dependent on its current state.
- The Markov chain is a mathematical system that undergoes transitions from one state to another between a finite or countable number of possible states.
- In a Markov chain, the probability of transitioning from one state to another is dependent solely on the current state and time elapsed.
- To model this system as a Markov chain, we need to identify the different states the system can be in and the transition probabilities between these states.
- The Markov chain is often used to model systems that have a limited number of possible states and where the future state of the system is dependent only on the current state.