What does "Markov Chain Model" mean?
Table of Contents
A Markov Chain Model is a way to predict what might happen next in a system based on its current state. It looks at the chances of moving from one situation to another without needing to know the details of how it got there.
How Does It Work?
In simple terms, this model breaks down a process into smaller steps. Each step depends only on the previous one. For example, if you're riding an electric bike in a bike-sharing system, the model can help forecast whether a bike will be available or how charged its battery will be based on where it is and its past usage.
Applications
This model is useful in many areas. For bike-sharing, it can show how battery levels change over time and help manage the fleet better. In aviation, it can simulate how aircraft handle failures and the response of control systems during flights.
Why Is It Important?
Using a Markov Chain Model helps organizations make smarter decisions. It allows them to plan better and ensure that bikes or aircraft are working efficiently, which can improve service and safety.