Bayesian Statistics
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What Is Bayesian Statistics?
What we have learned so far about probability falls into the category of Frequency Statistics. But there is another more powerful form of statistics as well, and it called Bayesian Statistics, sometimes called, Bayesian Inference. Bayesian Statistics is a more general approach to statistics; it describes the probability of an event based on the previous knowledge of the conditions that might be related to the event. It allows us to answer questions like:
- Has this happened before?
- Is it likely, based on my knowledge of the situation, that it will happen?
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