Posterior probability

Posterior probability,

Definition of Posterior probability:

  1. The probability of an event occurring, which evolves as new events occur. A new probability is calculated using Bayes theorem, which is a statistical methodology. The method can be used in practically any realm, including medicine and sports. In finance, it may be used to predict GDP, unemployment, stock market rise or fall.

  2. The statistical probability that a hypothesis is true calculated in the light of relevant observations.

How to use Posterior probability in a sentence?

  1. They implemented a full Bayesian method for calculating posterior probabilities using Markov Chain Monte Carlo.

Meaning of Posterior probability & Posterior probability Definition