Continuous Time Markov Chains–An Optimization on Used Vehicle Sales
K.Mathevan Pillai1, G.Selvam2, P.K.Kumaresan3
1K. Mathevan Pillai, Assistant Professor, Department of Mathematics, Sun College of Engineering & Technology, Nagercoil, Tamil Nadu, India.
2G. Selvam, Assistant Professor, Department of Mathematics, VMKV Engg. College, Vinayaka Missions University, Salem, India.
3P.K. Kumaresan, Professor & Dean-Examination, VMKV Engg. College, Vinayaka Missions University, Salem, India.
Manuscript received on March 12, 2013. | Revised Manuscript received on April 16, 2013. | Manuscript published on April 30, 2013. | PP: 339-341 | Volume-2, Issue-4, April 2013. | Retrieval Number: D1438042413/2013©BEIESP
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© The Authors. Blue Eyes Intelligence Engineering and Sciences Publication (BEIESP). This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/)
Abstract: Using the basic properties involving the sojourn time and the transition rate between two states and the first passage time for a Continuous Time Markov Chain (CMTC) the applicability for optimizing the second sales used two wheelers in a showroom. Only the basic properties of the CTMC and the properties of rate matrix we are able to obtain a solution for maximum profit.
Keywords: Sojourn time, Rate matrix, Generator matrix, First passage time.