We will now study stochastic processes, experiments in which the outcomes of events depend on the previous outcomes; stochastic processes involve random outcomes that can be described by probabilities...We will now study stochastic processes, experiments in which the outcomes of events depend on the previous outcomes; stochastic processes involve random outcomes that can be described by probabilities. Such a process or experiment is called a Markov Chain or Markov process. The process was first studied by a Russian mathematician named Andrei A. Markov in the early 1900s.
