Markov chain modeling and/or Markov decision processes

You need to describe the problem considered for your project and propose a model and/or solution approach(es) for solving the problem using Markov chain modeling and/or Markov decision processes. Ideally, the project could be based on an industrial application. If you do not have an industrial project, you may want to select a problem from a published journal.
 Industrial application project: the emphasis should be given on the problem statement and a Markov decision model developed, as those might be relatively difficult to accomplish.
Also, make an attempt to find the optimal policy, and use visualization tools to demonstrate the results.
 Selected problem from a published journal: you are expected to present the formulation of the problem as a Markov decision process and a solution procedure for finding an optimal stationary policy. Also, make an attempt to consider alternatives while proposing design solutions, show the benefits and pitfalls of each alternative, and use visualization tools to demonstrate the results.

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