Production and non-productive equipment and personnel delays are a critical element of any production system. The frequency and length of delays impact heavily on the production and economic efficiency of these systems. Machining processes in wood industry are particularly vulnerable to productive and non-productive delays. Whereas, traditional manufacturing industries usually operate on homoge...

investors use different approaches to select optimal portfolio. so, optimal investment choices according to return can be interpreted in different models. the traditional approach to allocate portfolio selection called a mean - variance explains. another approach is markov chain. markov chain is a random process without memory. this means that the conditional probability distribution of the nex...

In this study we model the daily rainfall occurrence using Markov Chain Analogue Yearmodel (MCAYM) and the intensity or amount of daily rainfall using three different probability distributions; gamma, exponential and mixed exponential distributions. Combining the occurrence and intensity model we obtain Markov Chain Analogue Year gamma model (MCAYGM), Markov Chain Analogue Year exponentia...