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Markov chain

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<probability> (Named after Andrei Markov) A model of sequences of events where the probability of an event occurring depends upon the fact that a preceding event occurred.

A Markov process is governed by a Markov chain.

In simulation, the principle of the Markov chain is applied to the selection of samples from a probability density function to be applied to the model. Simscript II.5 uses this approach for some modelling functions.

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Nearby terms: marketroid « Mark I « Markov « Markov chain » Markov model » Markov process » Markowitz

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