<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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Markov model » Markov process » Markowitz