1. Markov chain 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. [Better explanation?]2. a Markov process for which the parameter is discrete time values
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