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?
Sometimes students will create an original math homework-type example as it applies to a particular situation, and even work out the numbers, but not do any internet research. Note, however, that the intent of this forum is to do outside research each week and find an application online that you were unfamiliar with, then describe that application in your post. So you will always have outside sources to cite.
DO NOT USE population movements, epidemics, games, development research, page rank, search engines, network control systems, chemical reactions, music composition, or economic asset analysis.