Applications of markov chainsthey are a particular class of, Ask an Expert

Accounting

Applications of Markov Chains

They are a particular class of probabilistic models and their applications include analysis of:

Inventory systems
Replacement and maintenance policies for machines
Brand loyalty in marketing
Time series of economic data such as movement of stocks
Accounts receivable in accounting
Expected payouts of life insurance policies etc.

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Managerial Accounting, Accounting

Category:- Managerial Accounting
Reference No.:- M9516014

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