Markov chains, Managerial Accounting

Markov Chains:

Markov Chains are named after the Russian statistician A.A Markov who developed probabilistic models that are often applicable to decision making problems in business and industry associated with dynamic systems.

Markov Chains are a special case of the more general probabilistic models known as stochastic processes, in which the current state of a system depends upon all previous states. The successive future states of the Markov process are referred to as Chains—hence the name Markov Chains.

Markov Processes:

A Markov process is stochastic process in which the current state of the system depends only on the immediately preceding state of the system.

Posted Date: 12/8/2012 4:22:33 AM | Location : United States

Related Discussions:- Markov chains, Assignment Help, Ask Question on Markov chains, Get Answer, Expert's Help, Markov chains Discussions

Write discussion on Markov chains
Your posts are moderated
Related Questions

Explain the Investment versus Speculation? In brief describes the following terms: a) Investment versus Speculation. b) Active and Passive Equity Management c) Systematic v

EXTRA SHIFT DECISION These decisions are concerned with whether or not a company should work for 8 hrs, 16hrs, or 24 hrs a day or week days only or weekends also.  The factors

The Knapp Company needs to predict the labor cost in producing small carrot patch dolls. The following production information is available: Year Dolls Pr

How much was Topaz’s operating income (income before taxes) last year?

Disadvantages of participatory budgets   They consume more time and therefore are more expensive The advantage of management participation may be negated by failure t

Algebraic method of the break even point The break even point can be computed by the following method: a) Units of sales volume . b) Budget total or in terms of money va

Advantages of incremental budgeting a) The budget is stable and change is gradual b) Managers can operate their departments on a steady basis c) The system is relatively