MARKOV1: Software to Formulate and Solve Markov Chains
Thomas R. Bowe, William D. Dapkus · 2021
MARKOV1 is an interactive software tool used to formulate and solve discrete space, continuous time Markov and semi-Markov models. The software is menu-driven and allows easy model formulation in a spreadsheet-like environment. MARKOV1 comes with example applications for reliability, availability, maintenance, project planning and inventory control. MARKOV1 displays many statistics associated with Markov models, including steady-state probabilities, entrance rates, absorption and first passage probabilities and times, annual discounted costs, cost of first transitions, and transient behavior. Markov reward process with linear and exponential cost curves, continuous time discounting, multiple alternatives, costs grouped into categories. Computation times depend on the number of states, transitions, and costs in the model.