Markov chain models - operation research model, Operation Research

These models are used for analyzing a system which changes over a period of time among various possible outcomes or states. The models while dealing with such systems describe transitions in terms of transition probabilities of various states. These models have been used to test brand loyalty and brand switching tendencies of consumers where each system state is considered to be a particular brand purchase. The have also been used in reliability analysis where the states of the system are the various levels of performance of the equipment being monitored.

Posted Date: 3/21/2013 3:44:41 AM | Location : United States

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