Bayesian statistics example

1. What is Bayesian statistics used for?
2. What is Bayesian inference example?

What is Bayesian statistics used for?

Bayesian statistics is a particular approach to applying probability to statistical problems. It provides us with mathematical tools to update our beliefs about random events in light of seeing new data or evidence about those events.

What is Bayesian inference example?

Suppose, you think that a coin is biased. It has a mean (μ) bias of around 0.6 with standard deviation of 0.1. As more and more flips are made and new data is observed, our beliefs get updated. This is the real power of Bayesian Inference.