Bayesian statistics is a subset of the field of statistics in which the evidence about the true state of the world is expressed in terms of degrees of belief - Bayesian probabilities. The concept reviews the origins and application of this statistical approach.
Bayesian Analysis Definition
The goal of Bayesian analysis is “to translate subjective forecasts into mathematical probability curves in situations where there are no normal statistical probabilities because alternatives are unknown or have not been tried before” (Armstrong, 2003:633). Bayesian analysis aims to update probabilities in the light of new evidence via Bayes' theorem (Jackman, 2009).
Bayesian Analysis Description *
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Bayesian Analysis References (4 of up to 20) *
- Andrews, M. and Whittaker, J.A. (2006) How to Break Web Software. Pearson Education, Boston, MA.
- Armstrong, M. (2003) A Handbook of Management Techniques. Kogan Page, London.
- Beri, G.C. (2008) Marketing Research. Tata McGraw-Hill, New Delhi.
- Blattberg, R.C., Kim, B.-D. and Neslin, S.A. (2008) Database Marketing: Analyzing and Managing Customers. Springer, New York.
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