You are the CEO of a small data forecasting company.You have decided to adopt a Bayesian approach to data analysis and modelling.When you announce this new policy,your staff are unhappy and unconvinced,as they are used to a NHST approach.You stress that the Bayesian approach has several key advantages,including which of the following.
A)You can evaluate complex statistical models without data.
B)You can reject null hypotheses without any data collection.
C)You can evaluate statistical significance using p-values.
D)You can evaluate the likelihood of the null hypothesis being true.

Question

Quizplus · Accepted Answer

The Bayesian approach allows for the direct evaluation of the probability of hypotheses, including the null hypothesis, based on prior knowledge and observed data. Unlike NHST (Null Hypothesis Significance Testing), which focuses on rejecting the null hypothesis through p-values, Bayesian methods can assess the likelihood of the null hypothesis itself.

You Are the CEO of a Small Data Forecasting Company