Michael Leznik – Bayesian Decision making becoming the widely adopted methodology of choice in the industry.
Title: Bayesian Decision making becoming the widely adopted methodology of choice in the industry.
Summary: Ability to make your conclusions based on probability distributions instead of arbitrary binary p-values seems to be much preferable when it comes to decision making. The methodology allows to accept null values and estimate statistical power. Using non-parametric Bayesian helps to deal with non-standard models and avoid reduction of statistical power when the probability distribution isn’t normal. The latter is a major drawback when using regular t-tests. Non-binary; significant vs non-significant conclusions provide decision-makers with a plethora of outcome and wide field of possibilities.