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Markov Models—How a Random Walk Evolves

Lecture no. 21 from the course: Mathematical Decision Making: Predictive Models and Optimization

Markov Models—How a Random Walk Evolves

Taught by Professor Scott P. Stevens | 31 min | Categories: The Great Courses Plus Online Mathematics Courses

Peer into the future with Markov analysis, which studies random systems to predict possible future outcomes. Apply this technique to the downed plane example from the previous lecture, and then see how Markov analysis helped a German direct-marketing firm avoid financial ruin.