Transition rates

Transition rates describe the likelihood of a system changing from one state to another over a certain period. Imagine a system that can be in different conditions, like a machine that is either working or broken. The transition rate tells us how quickly or frequently it moves between these states. For example, a high transition rate from working to broken means the machine tends to break down often. These rates help us understand and predict the behavior and stability of systems, whether in biology, finance, or engineering, by quantifying how often changes happen.