Get premium membership and access questions with answers, video lessons as well as revision papers.

Define the following: i) Markov process. ii) Cyclic chain. iii) Absorbing state. iv) State transition matrix. v) Steady state

      

Define the following:
i) Markov process.
ii) Cyclic chain.
iii) Absorbing state.
iv) State transition matrix.
v) Steady state

  

Answers


Wilfred
i) Markov process is a sequence of events in which the probability of occurrence for one event depends upon the preceding event. It is time-based process. For example a patients state today depends on previous days state

ii) Cyclic chain is one that repeats itself in a deterministic manner. The transition matrix has one?s in two or more rows that form a closed path among cycle states. Example is a machine operation that repeats itself

iii) Absorbing state is one that cannot be left once entered. It has a transition probability of one to itself and zero to other states. Example includes the payment of a bill, sale of a capital asset or termination of an employee

iv) State transition matrix is a rectangular array that summarises the transition probabilities for a given Markov process. Transition probabilities are the probabilities of occurrence of each event depending on the state of the generator

v) Steady state is the condition that in the long run period of time a system settles or stabilizes to.
Wilfykil answered the question on February 20, 2019 at 10:04


Next: Define the terms systematic, stratified, multistage, cluster and quota sampling as used in statistical inference.
Previous: In brand switching between different toothpastes named Closed-up CU, Cols-gate CG and Aquas-fresh AF, the state transition matrix below is obtained for a particular month.

View More CPA Quantitative Analysis Questions and Answers | Return to Questions Index


Learn High School English on YouTube

Related Questions