First passage time refers to the time it takes for a stochastic process, such as a Markov chain, to reach a certain state for the first time. This concept is critical in understanding the dynamics of both discrete and continuous-time processes, as it provides insights into how long it may take for a system to transition to a desired condition or state. Analyzing first passage times helps in evaluating the long-term behavior and efficiency of systems modeled by Markov chains.
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