An absorbing Markov chain in labour system planning (Q2627437)

Summary: The analysis of a Markov model is usually based on a transition probability matrix (TPM) which provides a compact and unique description of the behaviour of the system under consideration. In this paper, we present a procedure for the analysis of an absorbing Markovian labour system for the purpose of career planning. By partitioning the transition probability matrix so as to demonstrate the existence of equivalent set of transient ranks or states and closed set of absorbing ranks, very useful statistical properties of the system such as the probability of absorption in the absorbing ranks and the expected duration of stay in any given rank are obtained. This procedure is applied to an extended five-ranked labour system.