Being amazed by the incredible power of machine learning, a lot of us have become unfaithful to statistics.
Our focus has narrowed down to exploring machine learning. We fail to understand that machine learning is not the only way to solve real world problems.
“Bayesian statistics is a mathematical procedure that applies probabilities to statistical problems.
It provides people the tools to update their beliefs in the evidence of new data.” You got that?
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It calculates the probability of an event in the long run of the experiment (i.e the experiment is repeated under the same conditions to obtain the outcome).
It is the most widely used inferential technique in the statistical world.
Infact, generally it is the first school of thought that a person entering into the statistics world comes across.
Frequentist Statistics tests whether an event (hypothesis) occurs or not.
Even after centuries later, the importance of ‘Bayesian Statistics’ hasn’t faded away.
In fact, today this topic is being taught in great depths in some of the world’s leading universities.