Beta distribution

The Beta distribution is a way to model probabilities for situations where an outcome can go either "success" or "failure," like flipping a coin or testing a new drug. It uses two parameters that reflect how confident you are about the chance of success based on prior experiences or data. The distribution shows possible values for the success probability, indicating whether it's more likely to be high, low, or uncertain. This makes it a useful tool for updating beliefs as new data comes in, especially in Bayesian statistics, where it helps estimate probabilities in a flexible, mathematically sound way.