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

Transportation model Table A more compact method for representing the transportation model than the linear equations is to use what we call the transportation tableau. It is a

What is your base rate for graduate level accounting? If I decide to use your service can the tutor and I speak via skype? I''m not located in the U.S.

Why is corn so frequently used in typical American foods? In what forms does it take when being part of those foods? How does that relate to the modern epidemic on obesity?

ABC Analysis (Pareto Analysis) In ordinary parlance, ABC analysis can be best compared with our class society where the population is categorized into Top, Middle and Lower cla

opening stock 19000 closing stock 21000 sales 200000 gross profit 25% on sales calculate stock turnover ratio

Break even analysis and target profit, taxes - Patterson Parkas Company's sales revenue is $30 per unit, variable costs are $19.50 per unit, and fixed costs are $147,000. a)Compute


Funds produced from operations, throughout an accounting period, raise working capital by an equivalent amount. The two major components of funds generated from operations are depr

What the traffic can bear pricing Pricing based on what the traffic can bear is not a sophisticated method. It is used by retail traders as well as by some manufacturing firms.