Application of Markov Chain in Organizations

Abstract:

Markovian process is one of the processes used worldwide in organizations for a long time. The memorylessness characteristic of markovian process is important to consider. This paper considers the various applications of markov chain in different organizations, both production and service sectors. It is shown that markov chain is used in different branches of activities. Literature review indicates that markov chain is mostly used in inventory control practices, queuing theories, reliability system, design optimization, maintenance practices and quality control systems. In order to make the best decision while facing changes in real world life markov chain is used so that we can optimize the results.

• Periodical: Advanced Materials Research (Volume 628)
• Pages: 249-252
• DOI: https://doi.org/10.4028/www.scientific.net/AMR.628.249
• Online since: December 2012
• Authors: Seyed Mohammad Hossein Hojjati, Elaheh Kardan
• Keywords: Decision-Making, Markov Chain, Optimization, Organisation

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