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So we have reached
the final lecture

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00:00:02,890 --> 00:00:05,860
of this class which
will also conclude

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00:00:05,860 --> 00:00:08,810
our study of discrete
time, finite state space

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Markov chains.

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We will first review the
steady-state behavior

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of Markov chains.

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Then, we are going to talk
about a classical application

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of Markov chains to analyze
the design of a phone system.

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And finally, we will
see how we can calculate

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00:00:26,670 --> 00:00:30,930
some interesting
quantities that have

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to do with the behavior
of Markov chains

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over a finite time horizon as
opposed to in the long run.

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So let us start.