Performance Assessment (Level 3: Inquiry Approach) |
Discrete Probability Models: Markov Chains Describe a situation or problem that may be modeled using a Markov Chain. Justify how the properties of the Markov Chain are satisfied. Identify the questions you hope to answer using this process. Construct appropriate one-step transition probability matrix, incidence matrix, state space graph, probability tree, and multi-step probability and incidence matrix. Communicate the information, results and implications of these probabilistic tools and techniques. Identify insights gained through these processes. Propose a new area of application or new questions raised as a result of the model. |
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