The Statistics and Machine Learning with R Workshop

14

Bayesian Statistics

In this chapter, we will introduce the Bayesian inference framework, covering its core components and implementation details. Bayesian inference introduces a useful framework that provides an educated guess on the predictions of the target outcome as well as quantified uncertainty estimates. Starting from a prior distribution that embeds domain expertise, the Bayesian inference approach allows us to continuously learn updated information from the data and update the posterior distribution to form a more realistic view of the underlying parameters.

By the end of this chapter, you will have grasped essential skills when working with the Bayesian inference framework. You will learn the core theory behind Bayes’ theorem and ...