End Notes
End Notes
In this article, we saw how Markov chain can be used to find out multiple insights and make good predictions on an overall level. There are many other processes which can be explained using Markov chain. In such cases, Markov chain algorithm will give you number of insights and will serve as a very handy forecasting tool. However, Markov chain can only make forecast on segment level and not make prediction on customer level. In case you need to make customer level forecast, you need a Latent Markov model and not a simple Markov model.
Theme: Application of Markov Chain in business
Written: OspanZhanar
Accepted: Kovaleva. I. M.
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