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Online Computer Terms Dictionary - M

Markov chain

<probability> (Named after Andrei Markov) A model of sequences of events where the probability of an event occurring depends upon the fact that a preceding event occurred.

A Markov process is governed by a Markov chain.

In simulation, the principle of the Markov chain is applied to the selection of samples from a probability density function to be applied to the model. Simscript II.5 uses this approach for some modelling functions.

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Nearby terms: Mark 1 marketroid Markov Markov chain Markov model Markov process Markowitz