Statistics II20775 marksMarkov Process
Define Markov chain and describe its characteristics.
Define Markov chain and describe its characteristics. [5]
A Markov Chain is a special type of stochastic process in which the future state of the system depends only on the present state, and not on the past states (history). It is a discrete-time stochastic process {X(t), t = 0, 1, 2, ...} that satisfies the Markov property. Mathematically, the Markov ...