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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
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.
Nearby terms: marketroid « Mark I « Markov « Markov chain » Markov model » Markov process » Markowitz
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©2018 Martin Webb