The process of revising prior probabilities to create posterior probabilities based on sample information requires using
A) decision strategies.
B) a subjective approach.
C) Bayes' theorem.
D) the posterior revision.

Question

Quizplus · Accepted Answer

The process described is the Bayesian updating process, which involves using Bayes' theorem to revise prior probabilities based on sample information. Therefore, the correct choice is C.

The Process of Revising Prior Probabilities to Create Posterior Probabilities