Application of Markov Chains in real time to Retail Food Chains.
Before we dig deeper, let us touch base on what these Markov chains are really about?
So there is theory called " Queuing Theory ". Yes, indeed the same queues i am talking about standing in line , waiting for our turn to fulfill our request.
Why queuing theory ?
According to an independent survey on an average, on any given business day and at any given point of time there are approximately 894,449 Canadians waiting queue which approximates to spending 37 billion hours per year waiting in lines.
So basically, Queuing theory is mathematics of waiting lines and Markov chains is an approach used to analyze these waiting lines.
The following is our project where me and my team analyzed the queues of a fast food chain and calculated the performance parameters.
