Purchase Solution

# Why is using Bayes' theorem important

Not what you're looking for?

Why is using Bayes' theorem important to help answer business-related questions? What does this theorem allow you to do that traditional statistics do not? What are some prerequisites for using Bayesian statistics?

##### Solution Summary

Why using Bayes' theorem important to help answer business-related questions. A complete, neat and step-by-step solution is provided in the attached file.

##### Solution Preview

(a) The simplest version of the theorem states that P(A|B) = P(B|A) * P(A) / P(B)
In words, the probability of A given B is equal to the probability of B given A times the probability of A, divided by the probability of B.
For example, suppose that for a given disease, there is a test that gives accurate positive and negative results 98% of the time; Also, 3% of the ...

##### Measures of Central Tendency

Tests knowledge of the three main measures of central tendency, including some simple calculation questions.

##### Measures of Central Tendency

This quiz evaluates the students understanding of the measures of central tendency seen in statistics. This quiz is specifically designed to incorporate the measures of central tendency as they relate to psychological research.