Statistics II20795 marksMarkov Process
Define Markov chain and its characteristics.
Define Markov chain and its characteristics. [5]
A stochastic process is a family of random variables indexed by time as a parameter. It is denoted as {X(t), t ∈ T}, where: - T = index set (time parameter) - X(t) = random variable at time t - I = state space (the set of all possible values assumed by X(t)) The values assumed by the random varia...