Process as a series of events whose past behaviors is no help in predicting any future behavior except the current or present behavior. It involves random chance or probability. Examples of Markov processes are the behavior of a business or economy, flow of traffic, and the progress of an epidemic. Named after the Russian mathematician Andrei Andreevich Markov (1856i1922), the inventor of Markov analysis. Also known as stochastic process. Also refer to Brownian motion and random walk theory.