Bayesian Methods

Bayesian methods are a statistical approach that updates our beliefs based on new evidence. Imagine you have a hypothesis about something, like whether it might rain tomorrow. Initially, you have a certain belief based on past weather patterns. As new information comes in, such as today’s weather forecast, you adjust your belief accordingly. This method combines prior knowledge with current data to refine your conclusions, making it dynamic and adaptable. It's widely used in various fields, including science, medicine, and finance, to make better decisions based on uncertainty.