Markov chain
/ˈmɑrkɒf tʃeɪn/ · mar.kov.chain
noun
- A mathematical system that undergoes transitions from one state to another, where the probability of transitioning from one state to another is dependent on the current state and time elapsed. The researcher used a Markov chain to model the behavior of a complex system and predict its future state.
- A statistical model used to analyze and predict the behavior of random processes, such as speech patterns or stock prices. The economist employed a Markov chain to forecast the fluctuations in the stock market.
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Did you know? Markov chains have numerous applications in fields such as computer science, engineering, and finance, and are used to model and analyze complex systems in many areas of life.