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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.
- 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.
- Information about diseases and a patient’s history and risk factors help diagnose the likelihood of a patient having a disease.
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About the Author
The information contained within this article is provided for informational purposes only and is current as of the date published. Online readers are advised not to act upon this information without seeking the service of a professional accountant, as this article is not a substitute for obtaining accounting, tax, or financial advice from a professional accountant.