Markovian systems involve two sequential processes that occu

Markovian systems involve two sequential processes that occur quite naturally with respect to everyone’s life; what are these two processes?

(Hints: Famous Gone with the Wind quote – 1992 flick with Meryl Streep, Goldie Hawn, and Bruce Willis . . .)

The first process =

The second process =

Solution

The first process = Discrete-time Markov process

The second process = Continuous-time Markov process