Markov Chains can be used as mathematical models of real-world situations found in biology, business, chemistry, communications, engineering, physics, weather forecasting, and other applications. Markov Chains are used when you are repeating an experiment or measurement many times in the same way, and the outcome of each trial depends only on the immediately preceding trial.
This week, let’s talk about vector spaces and how they are used in Markov Chains. Markov Chains are used in business, science and/or the military. What are some typical real world situations where you find Markov Chains being used? Pick one such situation and describe it in some detail. What was the most interesting thing you learned about how Markov Chains are being employed?
Please try, if possible, to pick a situation to discuss that nobody else has explored in depth yet. Put the application you chose to explore in depth in the subject line heading of your initial post (for example, “Markov Chains in weather forecasting”).
Our textbook in section 4.9 lists some specific ideas about situations where Markov Chains are employed, in the examples and homework problems, both in the e-book and in MyMathLab. But probably the best source of information is the internet. When you search online, some good websites to try are (but don’t limit yourself to these, there are many other websites you can use):