<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.
Last updated: 1995-02-23
Try this search on Wikipedia, OneLook, Google
Nearby terms: Mark 1 « marketroid « Markov « Markov chain » Markov model » Markov process » Markowitz