Functional safety standards such as IE 61508 invite the use of Markov modeling to help model safety, maintainability and reliability. A brief primer on what Markov is and how and when to apply it.
C. Bracken, B. Rajagopalan, & E. Zagona (2014). “A Hidden Markov Model Combined with Climate Indices for Multi-decadal Streamflow Simulation,” Water Resources Research, 50, 7836-7846. Abstract: ...
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