meaning of Bayesian statistics

Bayesian statistics meaning in Law Dictionary

whenever data are changed centered on brand new information. Reference Bayes theorem.

Bayesian statistics meaning in Business Dictionary

Experimental statistics in which the presumptions about parameters are continuously revised in light of brand new information by utilizing a weighted average associated with the past presumption (labeled as a prior). The relative weight assigned to a prior varies according to its difference as time passes. See also Bayes' theorem.