Question 1) Markov analysis is a technique that deals with the

1) Markov analysis is a technique that deals with the probabilities of future occurrences by analyzing currently known probabilities.

2) In the matrix of transition probabilities, Pij is the conditional probability of being in state i in the future, given the current state j.

3) In Markov analysis it is assumed that states are both mutually exclusive and collectively exhaustive.

4) In Markov analysis, the transition probability Pij represents the conditional probability of being in state i in the future given the current state of j.

5) The probabilities in any column of the matrix of transition probabilities will always sum to one.

6) The vector of state probabilities for any period is equal to the vector of state probabilities for the preceding period multiplied by the matrix of transition probabilities.

7) An equilibrium condition exists if the state probabilities for a future period are the same as the state probabilities for a previous period.

8) Equilibrium state probabilities may be estimated by using Markov analysis for a large number of periods.

9) Creating the fundamental matrix requires a partition of the matrix of transition.

10) When absorbing states exist, the fundamental matrix is used to compute equilibrium conditions.

11) For any absorbing state, the probability that a state will remain unchanged in the future is one.

12) The four basic assumptions of Markov analysis are:

1. There are a limited or finite number of possible states.

2. The probability of changing states remains the same over time.

3. A future state is predictable from previous state and transition matrix.

4. The size and makeup of the system are constant during analysis.

13) (n + 1) = nP

14) In Markov analysis, the row elements of the transition matrix must sum to 1.

15) “Events” are used to identify all possible conditions of a process or a system.

16) Once a Markov process is in equilibrium, it stays in equilibrium.

17) In Markov analysis, initial-state probability values determine equilibrium conditions.

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