The document discusses state-based modeling approaches for dependability analysis, including Markov chains and Petri nets. It begins by defining dependability and its attributes like availability, reliability, safety, and maintainability. It then discusses state-based models and how they can explicitly model complex system relationships. Markov chains and continuous-time Markov chains are described as examples of state-based models. The document provides an example of using a continuous-time Markov chain to model a 2-out-of-3 system and calculate its steady-state availability. It concludes by noting that Markov chains can grow exponentially with system size and discusses decomposition approaches to address this issue.