What is Bayesian inference?

What is Bayesian inference?

Bayesian inference is a statistical method that updates the probability for a hypothesis as more evidence or information becomes available.

Can you give me an example of how it works?

Sure! Imagine you have a bag of marbles, some red and some blue. Initially, you might think there's a 50% chance of drawing a red marble. After drawing a few marbles and observing the colors, you can update your belief about the proportion of red marbles using Bayesian inference.

What are some real-world applications of Bayesian inference?

Bayesian inference is used in various fields, including medicine for diagnostic testing, finance for risk assessment, and machine learning for predictive modeling.

How does it differ from traditional statistics?

Unlike traditional statistics, which often relies on fixed parameters, Bayesian inference treats parameters as random variables and incorporates prior knowledge into the analysis.