Markov analysis
Definition
Statistical technique used in forecasting the future behavior of a variable or system whose current state or behavior does not depend on its state or behavior at any time in the past—in other words, it is random. For example, in the flipping of a coin, the probability of a flip coming up heads is the same regardless of whether the previous result was heads or tails. In accounting, Markov analysis is used in estimating bad debt or uncollectible accounts receivable. In marketing, it is used in modeling future brand loyalty of consumers based on their current rate of purchases and repurchases. In quality control, Markov analysis is applicable to common-cause problems and other sequence dependent events, and can handle system degradation. Named after its inventor, the Russian mathematician and a probability theory pioneer, Andrei Andreevich Markov (1856-1922).
Markov analysis is in the Decision Making, Problem Solving, & Strategy and Statistics, Mathematics, & Analysis subjects.
Markov analysis appears in the definitions of the following terms: Markov process and Markov chain
This content can be found on the following page:
http://www.businessdictionary.com/definition/Markov-analysis.html
email to a friend print this definition cite this definition








