What is Bayesian Statistics?

Keiter Technologies deals with dozens of tools and technologies to find the best solution to your company’s unique challenges.

What is Bayesian Statistics and how can it bring value to your company or industry?

Bayesian statistics is a valuable technique which includes using knowledge of a domain, including beliefs about future trends, along with observed data for a variety of applications across various industries. Bayesian techniques are often used in cases with limited data, quantifiable domain knowledge, or modeling uncertainty.

Fraud detection

• Bayesian techniques are used to detect potentially fraudulent activity based on the knowledge-based belief about the likelihood of a fraudulent transaction and a customer’s past behavior.

Marketing and product development

• In new product development, a product may be expected to perform well in certain age groups. Different marketing strategies can be tested using the statistical predictions of age-group performances to update the initial expectations and alter marketing strategies.

Medical diagnostics

• Information about diseases and a patient’s history and risk factors help diagnose the likelihood of a patient having a disease.

Contact us to learn more about using Bayesian Statistics as a potential data solution for your company >

See our Glossary of Data Science Terms for more examples of how data solutions can be applied to any industry.

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