Mini toolsDefinition
A mathematical system that models randomly changing systems where future states depend only on the current state, not on past states.
Detailed Explanation
Markov Models are stochastic models based on the Markov property, which states that future predictions can be made solely based on the present state, independent of the sequence of events that preceded it. The model consists of states and transition probabilities between states, forming a state transition matrix. These models can represent systems where changes occur in discrete time steps with probabilistic state transitions.
Use Cases
Text generation, speech recognition, weather prediction, stock market analysis, and modeling customer behavior patterns.
