Markov Models

Markov models are mathematical models used to study the transitions of a system over time. They are used to analyze the likelihood of movement from one state to another within a given timeframe. Markov models can be used in a variety of areas including finance, healthcare, engineering, and more. By modeling the transition probabilities of individual states, Markov models make predictions about the behaviour of a system over time. This can be used to make decisions about how to best handle situations and optimize processes. The utility of Markov models has made them a powerful tool for scientists and business people alike.