Bayesian Statistical Methods

Bayesian statistical methods are a way of making inferences or predictions based on both new evidence and prior knowledge. They use probabilities to express uncertainty, updating beliefs as more data becomes available. For instance, if you're evaluating whether it will rain tomorrow, you start with an initial guess (prior) based on past weather patterns. As you receive new information, like a weather report, you adjust your prediction (posterior). This approach is widely used in various fields, from medicine to finance, because it allows for a flexible and systematic way to incorporate uncertainty and new information.