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Michael Leznik – Bayesian Decision making becoming the widely adopted methodology of choice in the industry.

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.

The post Michael Leznik – Bayesian Decision making becoming the widely adopted methodology of choice in the industry. appeared first on Data Science Festival.

Source: DataScienceFestival