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- Title
A multivariate Markov chain model for categorical data sequences and its applications in demand predictions.
- Authors
Wai-Ki Ching; Fung, E. S.; Ng, M. K.
- Abstract
Markov models are commonly used in modelling many practical systems such as telecommunication systems, manufacturing systems and inventory systems. In this paper we propose a multivariate Markov chain model for modelling multiple categorical data sequences. We develop efficient estimation methods for the model parameters. We then apply the model and method to demand predictions for a soft-drink company in Hong Kong.
- Subjects
HONG Kong (China); CHINA; MARKOV processes; MULTIVARIATE analysis; TELECOMMUNICATION systems; MANUFACTURING processes; INVENTORY management systems; NON-alcoholic beverage industry
- Publication
IMA Journal of Management Mathematics, 2002, Vol 13, Issue 3, p187
- ISSN
1471-678X
- Publication type
Article
- DOI
10.1093/imaman/13.3.187