Bayesian Analysis

Bayesian Analysis 

Bayesian analysis is a statistical approach that involves using Bayes' theorem to update the probability of hypotheses or parameters considering new evidence or data. It provides a framework for incorporating prior knowledge, beliefs, or assumptions about uncertain quantities, known as prior distributions, and updating these beliefs based on observed data to obtain posterior distributions. Bayesian analysis is widely used in various fields, including statistics, machine learning, artificial intelligence, economics, and engineering.