Markov chain
(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. [Better explanation?]Last updated: 1995-02-23
Nearby terms:
Mark I ♦ Markov ♦ Markov chain ♦ Markov model ♦ Markov process ♦ Markowitz
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