Bayesian statistics is a theoretical framework that treats unknown parameters not as fixed values, but as flexible quantities with a range of possible values, each assigned a certain probability. It uniquely allows for the integration of prior knowledge (e.g., existing business insights or observed trends) into the analysis, updating these probabilities as new data becomes available. The results are typically presented as a distribution of likely outcomes, which helps in quantifying inherent uncertainty. While offering greater context, this approach can be more complex and sensitive to the initial assumptions made.
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