Definition of Bayesian estimation

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TeachMeFinance.com - explain Bayesian estimation



Bayesian estimation

The term 'Bayesian estimation' as it applies to the area of nuclear science can be defined as ' A mathematical formulation, using Bayes' theorem, by which the likelihood of an event can be estimated taking explicit consideration of certain contextual features (such as amount of data, nature of decision, etc.). '.

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About the author

Mark McCracken

Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English".


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