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Bayesian Inference
A statistical method that updates the probability estimate for a hypothesis as more evidence or information becomes available, often used in advanced predictive modeling.
Implications
A statistical method that updates the probability of a hypothesis as more evidence becomes available, commonly used in machine learning and predictive modeling.
Example
Example: A financial analyst uses Bayesian inference to update the risk assessment of a portfolio based on new market data.
Related Terms
Different from traditional statistical methods, which often assume fixed probabilities, Bayesian inference is dynamic and adapts as new information is acquired.
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