Browse Definitions :
Definition

Bayesian statistics

Bayesian statistics is a mathematical approach to calculating probability in which conclusions are subjective and updated as additional data is collected. This approach can be contrasted with classical or frequentist statistics, in which probability is calculated by analyzing the frequency of particular random events in a long run of repeated trials, and conclusions are considered to be objective.

Statistical inference, in general, is the process of drawing conclusions from a large data set by analyzing smaller sets of sample data. Bayesian data scientists first analyze sample data and draw a conclusion. This is called the prior inference. Then, they analyze another sample and revise their conclusion. The revised conclusion is called a posterior inference. Using the knowledge of prior events to predict future events is known as Bayesian logic.

Bayesian statistics is named for Thomas Bayes, an 18th-century clergyman and mathematician, who was interested in probability as a way to measure one's belief in a certain hypothesis. Although the Bayesian theory has roots in the 18th-century, the concept took flight in the mid-20th century and has become more popular in recent decades for applications including animal breeding in the 1950s, education measurement in the 1960s and 1970s, spatial statistics in the 1980s, and marketing and political science in the 1990s.

Its iterative approach allows data scientists to make more precise predictions than would be possible by using either data set alone. Today, Bayesian statistics play an important part in machine learning because of the flexibility it provides data scientists working with big data. Bayesian models and methods are used in many industries, including financial forecasting, weather forecasting, medical research and information technology (IT). 

This was last updated in September 2017

Continue Reading About Bayesian statistics

SearchCompliance
  • ISO 31000 Risk Management

    The ISO 31000 Risk Management framework is an international standard that provides businesses with guidelines and principles for ...

  • pure risk

    Pure risk refers to risks that are beyond human control and result in a loss or no loss with no possibility of financial gain.

  • risk reporting

    Risk reporting is a method of identifying risks tied to or potentially impacting an organization's business processes.

SearchSecurity
  • biometric payment

    Biometric payment is a point-of-sale (POS) technology that uses biometric authentication physical characteristics to identify the...

  • Melissa virus

    Melissa was a type of email virus that initially become an issue in early 1999.

  • Twofish

    Twofish is a symmetric-key block cipher with a block size of 128 bits and variable-length key of size 128, 192 or 256 bits.

SearchHealthIT
SearchDisasterRecovery
  • What is risk mitigation?

    Risk mitigation is a strategy to prepare for and lessen the effects of threats faced by a business.

  • fault-tolerant

    Fault-tolerant technology is a capability of a computer system, electronic system or network to deliver uninterrupted service, ...

  • synchronous replication

    Synchronous replication is the process of copying data over a storage area network, local area network or wide area network so ...

SearchStorage
  • hard disk drive (HDD)

    A computer hard disk drive (HDD) is a non-volatile data storage device.

  • Remote Direct Memory Access (RDMA)

    Remote Direct Memory Access (RDMA) is a technology that enables two networked computers to exchange data in main memory without ...

  • storage (computer storage)

    Data storage is the collective methods and technologies that capture and retain digital information on electromagnetic, optical ...

Close