A model that is suitable for modelling a sequence of random variables, in which the probability that a variable assumes any specific value depends only on the value of a specified number of most recent variables that precede it (source: Nature).
Sequence of random variables (Xn) satisfying the Markov property, that is, such that Xn+1 (the future) depends only on Xn (the present) and not on Xk for k
a Markov process for which the parameter is discrete time values
