Markov interval chain (MIC) for solving a decision problem

Salah eddine Semati () and Abdelkader Gasmi ()
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Salah eddine Semati: University of Msila
Abdelkader Gasmi: University of Msila

OPSEARCH, 2023, vol. 60, issue 2, No 9, 802-811

Abstract: Abstract One of the main missions of a certain company is to predict its future for reasons of continuity, which reflect the balance of its long term, in various aspects. In this work, we propose the use of Markov Interval Chain models to help business leaders to make better decisions. The proposed model consists in considering the numbers of customers declared by each company, which are discrete values as centers of symmetric intervals. By this, we have avoided the problem of increase and decrease in the number of customers for each company. As an example, we applied this model to predict the distribution of market shares in the later period as a probability distribution intervals, which provides information’s for companies to make decisions, and it gave satisfactory results.

Keywords: Markov chain; Interval matrix; Decision problem; Stochastic process (search for similar items in EconPapers)
Date: 2023
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DOI: 10.1007/s12597-023-00632-5

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