This paper shows the place of Markov modeling in the spectrum of modeling tools and explains its benefits and limitations. It introduces the basic components of the model, and answers the questions WHY and WHEN to use Markov modeling. It provides the outline of several different types of Markov models and shows the results of Markov modeling. A process flow chart, a step-by-step procedure, and two examples are provided to facilitate the use of Markov modeling. Finally, this paper introduces the software tool used to perform Markov modeling.