Applications of markov chains, Managerial Accounting

Applications of Markov Chains

They are a particular class of probabilistic models and their applications include analysis of:

  • Inventory systems
  • Replacement and maintenance policies for machines
  • Brand loyalty in marketing
  • Time series of economic data such as movement of stocks
  • Accounts receivable in accounting
  • Expected payouts of life insurance policies etc.
Posted Date: 12/8/2012 4:30:32 AM | Location : United States

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