Markov Models—How a Random Walk Evolves
Lecture no. 21 from the course: Mathematical Decision Making: Predictive Models and Optimization
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.