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Which of the following is correct for Markov chain?
Correct Answer: E
A Markov chain is a stochastic process describing a sequence of possible events, where the probability of each event depends only on the state attained in the previous step (the Markov property). Option A: Incorrect. The variables are random, not fixed. Option B: Correct. Markov chains represent the state of a system at sequential time points. Option C: Correct. A Markov chain is indeed a sequence of random variables {X1, X2, ...} that satisfy the Markov property. Option D: Incorrect, since A is wrong. Option E: Correct, because both B and C are valid. Thus, the correct answer is Option E (Both B and C). Reference: DASCA Data Scientist Knowledge Framework (DSKF) - Probabilistic Models: Markov Chains.
