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
Analysis of Credit File: Credit file is a compilation of each the relevant credit information of the customer. All the credit information collected throughout the credit informati

Cost-Volume-Profit assumptions The main assumptions required in C-V-P analysis are: 1) The relationship holds merely within the appropriate range. The relevant range is a ba

Advantages of zero base budgeting 1) it provides a basis for evaluating decision packages on the basis of benefit considerations 2) it reduces inefficiency and achieves high

Western States Supply, Inc. (WSS), consists of three divisions—California, Northwest, and Southwest—that operate as if they were independent companies. Each division has its own sa

How much to order Supposing the estimated annual usage of a component by Machinery Ltd is 20,000 units.  Usage is even throughout the year and only one order per annum is place

Strategic Positioning The company must identify its strategic choices. This can be done from the firm’s objectives, which emanates from the firms mission. Strategies have to be

Cash to debt service ratio  Cash to debt service ratio also known as debt cash flow coverage ratio is an improvement over the interest coverage ratio and is calculated. The

hi how do we find a schedule of expected cash collections

How might a company use regression results to manage overhead costs?

Cash management is related along with the management of: Cash outflows and inflows of the firm Cash flows inside the firm Cash balances as financing deficit and inve