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The method of Markov Analysis is majorly adopted to study the behavior of certain variables which are subject to probable changes in the future. This process was first introduced by a Russian mathematician in the early 21st century and has been a useful analyzing tool for many ever since.
Since it plays a major role in monitoring the future behavior of some variables, in particular, the Markov Analysis is also regarded as a probabilistic management tool and primarily deals with random variables. It continues to prove to be an effective method that assists decision-making. The Markov Analysis technique can also be defined as one that helps to understand and interpret stochastic processes.
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Major applications of the Markov Analysis
The Markov Analysis has a huge application on the study of certain special systems. These systems might include parameters that display strong dependencies. This technique helps to monitor the availability and reliability of these systems.
Other practical applications are-
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