markov chain

Hidden Markov Model

Hidden Markov Model is a stochastic model describing a sequence of possible events in which the probability of each event depends on the state attained in the previous event. Markov model can be used in real life forecasting problems. Simple Markov model cannot be used for customer level predictions

Machine Learning (ML)

Markov chain is a stochastic model describing a sequence of possible events in which the probability of each event depends only on the state attained in the previous event. It refers to the sequence of random variables such a process moves through, with the Markov property of serial dependence