Quantitative Analysis for Management, 13/e

Chapter 14 Markov Analysis

Learning Objectives

After completing this chapter, students will be able to:

1. 14.1 Recognize states of systems and their associated probabilities.

2. 14.2 Compute long-term or steady-state conditions by using only the matrix of transition probabilities.

3. 14.3 Understand the use of absorbing state analysis in predicting future states or conditions.

4. 14.4 Put Markov analysis into practice for the operation of machines.

5. 14.5 Recognize equilibrium conditions and steady state probabilities.

6. 14.6 Understand the use of absorbing states and the fundamental matrix.

Markov analysis is a technique that deals with the probabilities of future occurrences by ­analyzing presently known probabilities.¹ The technique has numerous ...