A ________ model is used to establish transition probabilities among various states.
A)multivariate model
B)Markov process
C)time series
D)operational model

Question

Quizplus · Accepted Answer

A Markov process is a mathematical model that is used to establish transition probabilities among various states. This type of model is commonly used in a wide range of fields, such as finance, engineering, and biology, to predict the likelihood of future events or states based on current information. Markov processes are especially useful when dealing with complex systems that have multiple states, as they allow for the calculation of the probabilities of moving from one state to another over time.

A ________ Model Is Used to Establish Transition Probabilities Among