This uncertainty includes the quantities resulting from lack of sufficient information. Another important concept in Bayesian methods are the need to determine the prior probability distribution (probability distribution describing our beliefs about the uncertainty in the model before data becomes available) taking into account the available information. Generally, Bayesian methods involve the sequential application of the Bayes formula and the steps in these methods can be summarized as
This uncertainty includes the quantities resulting from lack of sufficient information. Another important concept in Bayesian methods are the need to determine the prior probability distribution (probability distribution describing our beliefs about the uncertainty in the model before data becomes available) taking into account the available information. Generally, Bayesian methods involve the sequential application of the Bayes formula and the steps in these methods can be summarized as