Introduction:

Markovian processes, named after the Russian mathematician Andrey Markov, are stochastic processes
characterized by the Markov property, which states that the future behavior of the process depends only
on its present state and is independent of its past states. These processes find extensive applications in
various fields including economics, engineering, physics, biology, and computer science. Markovian
processes provide a powerful framework for modeling dynamic systems where transitions between states
occur randomly and without memory, making them valuable tools for analyzing real-world phenomena
affected by randomness.

Abstract:

This paper presents an overview of Markovian processes, focusing on their fundamental principles,
applications, and theoretical underpinnings. Beginning with an introduction to stochastic processes, we
delve into the definition and properties of Markovian processes, emphasizing their memoryless nature and
the Markov property. Through practical examples and theoretical discussions, we explore different types
of Markov processes, including discrete-time and continuous-time models, finite and infinite state spaces,
and homogeneous and non-homogeneous processes. Furthermore, we discuss key concepts such as
transition probabilities, stationary distributions, and ergodicity, highlighting their significance in
analyzing Markovian systems. Finally, we address challenges and future directions in the study and
application of Markovian processes.