Question: Discuss the reasons for using Bayesian analysis when faced with uncertainty in making decisions. Discussion Requirements: How would you...

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Question:
Discuss the reasons for using Bayesian analysis when faced withuncertainty in
making decisions.
Discussion Requirements:
How would you describe Bayesian Theorem?
Describe the assumptions of Bayesian analysis.
Provide the example of problem where one can use Bayesiananalysis in Big Data Analytics.
Describe the the problems with Bayesian analysis.

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Bayes theorem describes the probability of an event based onother information that might be relevant Essentially you areestimating a probability but then updating that estimate based onother things that you know This is something that you already doevery day in real life For instance if your friend is supposed topick you up to go out to dinner you might have a mental estimateof if she will be on time be 15 minutes late or be a half hourlate That would be your starting probability If you then lookoutside and see that there are 8 inches of new snow on the groundyou would update your probabilities to account for the new dataBayes theorem is a formal way of doing thatExample ofBayesian analyis in Big Data AnalyticsIn any See Answer

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