Over the years, the data science domain has assumed great significance with the exponential growth of data. A solid foundation in the underlying mathematical concepts and statistics is vital to master data science and analytics. Bayesian statistics is a must-know for all data science and analytics professionals since data science has deep roots in the Bayesian approach.
In this article, we will look into:
1) What is Bayesian Statistics?
2) Bayesian statistics vs. Frequentist (Classical) statistics
3) Bayes’ theorem
The next article (Part-2) will deal with Bayesian inference and the diverse applications of Bayesian statistics in data science and analytics.
1. What is Bayesian Statistics? …