Bayesian statistical analysis

Bayesian statistical analysis is a method of updating our beliefs or estimates about something based on new information. It starts with an initial assumption, called a "prior," about the likelihood of an event or outcome. When new data or evidence becomes available, it is used to revise this belief, resulting in an updated probability called the "posterior." This process continually refines estimates as more evidence accumulates, allowing for informed decision-making. In essence, Bayesian analysis consistently combines previous knowledge with new data to make more accurate predictions or assessments.