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Welcome to eGyanKosh’s Unit-2: The Basics of Markov Chains, where we delve into the foundational concepts of stochastic processes and their applications in various fields. This study material, curated for IGNOU students in 2025, offers a comprehensive exploration of Markov chains, including their definitions, properties, and practical significance. With intuitive explanations and illustrative examples, this resource is designed to enhance your understanding and support your academic journey. Best of all, you can download this valuable study material for free, making it accessible for all learners eager to strengthen their knowledge of this essential topic in probability theory.