Bayesian Approach to Statistics
- In a Bayesian approach, probability is a measure of uncertainty at all levels, both aleatory and epistemic.
- Bayesian probability can be defined for any event, unlike in the Frequentist Approach to Statistics where it can only apply to repeatable events.
- For example, using Bayesian inference you could state that "with 90% probability there are more than 400 ringed seals in Saimaa"