Bayesian Statistics
Bayesian Statistics : Statistical method of analysis which bases statistical inference on a number of philosophical underpinnings that differ in principle from frequentist or classical statistical thought. First, this method incorporates knowledge from history or other sites. In other words, prior knowledge is formally incorporated to obtain the best estimation. Second, the method considers the likelihood of certain types of events as part of the analysis process. Third, it uses Bayes' theorem to translate probabilistic statements into degrees of belief (e.g., the belief that we are more certain about something than others) instead of the classical confidence interval interretation
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