Bayesian Analysis
Bayesian Analysis: A Practical Introduction to Probabilistic Reasoning Using Prior Knowledge
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Given CAUSE, what is the probable EFFECT? This question is well-known and frequently asked. However, for many analyses, the reverse question is more important: Given EFFECT, what was the most likely CAUSE? Bayesian Analysis is an extraordinarily powerful tool used to reveal hidden effect-given-cause relationships underlying business problems. Unfortunately, Bayesian Analysis is considerably underused because — at first glance — many find it to be intimidating. This is an unnecessary tragedy. With a de minimus degree of understanding, every Analyst can benefit by applying Bayesian concepts…without a statistician’s understanding. In Bayesian Analysis: A Practical Introduction to Probabilistic Reasoning Using Prior Knowledge, readers acquire a meaningful, applied understanding of this incredibly powerful and too-rarely used technique to tackle this insight-generating question: Given EFFECT, what was the most likely CAUSE?