You have just joined the sales modelling team for a start-up software company. Your boss has decided that from now on the team will adopt a Bayesian approach. However, not all staff understand what this is; your boss asks you to present a training session. How would you explain a Bayesian approach in your session introduction?
A) An approach where you reject your statistical model once data is collected.
B) An approach where you do not modify the likelihood of your statistical model as more data is collected.
C) An approach that allows you to focus on testing the null hypothesis based on data collection.
D) An approach that allows you to update the likelihood of your statistical model as more data is collected.

Question

Quizplus · Accepted Answer

A Bayesian approach is based on the idea that the probability of a hypothesis (in this case, a statistical model) can be updated as new information or data becomes available. This approach allows you to update the likelihood of your model as more data is collected, which can help you make better predictions and decisions based on the most current information available.

You Have Just Joined the Sales Modelling Team for a Start-Up