October 2015
Beginner
384 pages
16h 41m
English
Content preview from Business Statistics Made Easy in SAS
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Bayesian Statistics
Introduction
So far in the book, we have very much followed what is known as the classical approach to statistics. Bayesian statistics is an exciting alternative to the classical approach, which is gaining
substantial traction in the business analytics world. In this section, I will give
only the briefest introduction to the concept of Bayesian statistics.
Classical Statistics
In classical statistics we trust current data to give us a trustworthy model, with certain assumptions often built in like the normality of data. The model parameters are generated by the data, and once we have the parameters we often assume that they will apply to future samples. Say, for example, that we use a regression-type model to explain ...
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I'm always learning. So when I got on to O'Reilly, I was like a kid in a candy store. There are playlists. There are answers. There's on-demand training. It's worth its weight in gold, in terms of what it allows me to do.