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Steady state condition
In many cases, the Markov process will converge to a steady state or equilibrium.
In general, as number of transitions `n' increase, the state values tend to stabilize at steady state. This is a logical occurrence, since the present state tends to lose significance.
Steady State vector:
A steady vector is given in terms of decimal proportions as
Subject to X + Y + Z = 1
i.e. once a steady state is arrived at, multiplication of a state condition by the transition probabilities does not change its state condition.
Period of operating cycle implies that total sum of number of days included in the various stages of operation commencing from the purchase of raw materials and ending along with c
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