  Using the parametrically driven harmonic oscillator as a working example, we
study two different Markovian approaches to the quantum dynamics of a
periodically driven system with dissipation. In the simpler approach, the
driving enters the master equation for the reduced density operator only in the
Hamiltonian term. An improved master equation is achieved by treating the
entire driven system within the Floquet formalism and coupling it to the
reservoir as a whole. The different ensuing evolution equations are compared in
various representations, particularly as Fokker-Planck equations for the Wigner
function. On all levels of approximation, these evolution equations retain the
periodicity of the driving, so that their solutions have Floquet form and
represent eigenfunctions of a non-unitary propagator over a single period of
the driving. We discuss asymptotic states in the long-time limit as well as the
conservative and the high-temperature limits. Numerical results obtained within
the different Markov approximations are compared with the exact path-integral
solution. The application of the improved Floquet-Markov scheme becomes
increasingly important when considering stronger driving and lower
temperatures.
