Bayes rule - Study guides, Class notes & Summaries

WGU C207 Pre- Assessment Data-Driven Decision-Making Exam (Latest 2023/ 2024 Update) Questions and Verified Answers- 100% Correct Q: A hardware store has found that there is a 0.25 probability that a customer buys an electrical product, a 0.45 probability that a customer buys a plumbing product, and a 0.10 probability that a customer buys an electrical product if they purchase a plumbing product Which statistical rule can be used to determine the probability that a customer buys a plumbin...

WGU C207 DATA DRIVEN DECISION MAKING FINAL EXAM LATEST 2023-2024 EXAM WITH 300 REAL EXAM QUESTIONS AND CORRECT ANSWERS(VERIFIED ANSWERS)AGRADE What are two reasons for the increasing use of analytics in organizational decisionmaking?Choose 2 answers. Relatively lower cost of computer storage Lower availability of statistical experts Higher cost of obtaining data Higher computer processing power - ANSWER- Relatively lower cost of computer storage Higher computer processing power H...

Bayes' Rule correct answers P(Ai | B) = P(Ai) * P(B | Ai) / Σ P(Aj) * P(B | Aj) Sample Space correct answers The collection of all possible outcomes for an experiment. Event correct answers A collection of outcomes for the experiment, that is, any subset of the sample space. not A correct answers The event A does not occur. A and B correct answers The event both A and B occur. A or B correct answers The event either A or B both occur. Complementation Rule correct answers P(E)...

What are the Axioms of Probability correct answers 1. Probability between 0 and 1 2. Adds up to 1 3. Sum of Independent events by adding them What is the Sample Subspace correct answers Set out Outcomes What is an Event correct answers Subset of the sample space What is the Conditional Probability correct answers What is the Sum Rule correct answers P(A) = Sum P(A, B) What is Bayes Rule correct answers What is a Random Variable correct answers Function from sample space to ...

Applying Bayes (Real-world) correct answers Requires application of Bayes Theorem to every data point First Big Idea correct answers Belief is a matter of degree Second Big Idea correct answers Degree of belief should be treated as probabilities Bayes' Theorem (equation) correct answers P(H given E) x P(H) x P(E given H)/P(E) Probability(Hypothesis) correct answers Measure of prior confidence that the hypothesis is true Probability(Evidence) correct answers Measure of prior confi...

Probability in Bayesian terms (as opposed to classical) correct answers How confident you are that a hypothesis is true Time in Bayesian vs. Classical correct answers Generally you cannot update classical models as time goes on, you can with Bayesian Product Rule correct answers P(A, B) = P(A) * P(B|A) *** Only if A and B are independent Sum Rule correct answers P(A) = P(B) * P(A|B) + P(nB)*P(A|nB) (nB is not B) OR P(A) = Σ P(Bi) * P(A|Bi) Bayes' Rule correct answers P(...

addition rule - a mathematical rule used to calculate the probability of the union of events alpha - The probability of rejecting the null hypothesis when, in reality, it is true. Alternative hypothesis - Designated H1, this hypothesis represents the opposite of the null hypothesis and holds true if the null hypothesis is found to be false. The alternative hypothesis always states the population parameter is <, not equal (=/), or > a specific value. bar chart - A chart that displays q...

Z-Score - ACCURATE ANSWERS Data points only. Measurement of a scores relationship to the mean. A statistical measure that indicates the number of standard deviations a data point is from its mean. Variance - ACCURATE ANSWERS How far a set of numbers are spread. Used for Data set. Hint Words = Risk, spread. Multiplication Rule - ACCURATE ANSWERS A method for finding the probability that both of two events occur. When the probabilities of multiple events are multiplied together to determine ...

Bayes' rule correct answers Given some observed data x, the posterior probability that the parameter Θ has the value θ is p(θ|x) = p(x|θ)p(θ)/p(x), where p(x|θ) is the likelihood, p(θ) is the prior probability of the value θ, and p(x) is the marginal probability of the value x. conditional probability correct answers The probability that the value of one random variable Θ has the value θ given that the value of another random variable X has the value x; written as p(Θ=θ|X=x) or p...