What is Markov Chain?

Markov Chain is a stochastic model elaborating the sequence of events in which probability of events depends only on the state achieved in the past events. It can be described as follows:
Let there is a set of states, S= {s1, s2, s3….sr}.
The process starts in or from one of the given states moving successively to other. Here, each move is referred as step. Suppose the chain is in si state, it then move to sj state at the next step with probability pij. This type of probability is called transition probabilities. In this, the process can stay in the same state as it was, with probability pii.