Bayesian Inference - Assignment Point
Bayesian Inference
Subject: Business Statistics | Topics:

Bayesian Inference is the process of updating probabilities of outcomes based upon the relationships in the model and the evidence known about the situation at hand.It is actually used, the end user applies evidence about recent events or observations. This information is applied to the model by “instantiating” or “clamping” a variable to a state that is consistent with the observation. Then the mathematical mechanics are performed to update the probabilities of all the other variables that are connected to the variable representing the new evidence. Bayesian Inference is an important technique in statistics, and especially in mathematical statistics. Bayesian updating is particularly important in the dynamic analysis of a sequence of data.

Related Business Statistics Paper: