Probabilistic Modeling in Data Analytics
Probabilistic Modeling in Data Analytics Probabilistic modeling uses probability to describe data and the uncertainty we see in the real world. It helps teams answer questions with more than a single number. In analytics, you describe data with a distribution and a simple structure that links causes to effects. Two ideas sit at the core: uncertainty and inference. A model gives a likelihood for what happened and, often, a belief about true values. Bayesian methods update this belief as new data arrive. Other approaches also describe uncertainty with probability statements. ...