On the other hand, Byesian approach makes use of only one theorem i. Te fact remains as that Bayesian approach can be used in different situations where most of the tools of frequentist statistics fall short. I the Bayesian theorem, te conditional probability occur on the bases of unconditional probabilities that are derived using a multiplication rules, tat is (Prior x Likelihood) that are further divided by the sum of the possible parameters. Psterior in Bayesian theorem can be identified as conditional probability of the random event or I occurs when there is assigned or relevant evidence or background is considered (Jackman, 2009).
Psterior is a random variable or conditional that is based on the evidence that is obtained from the experiment. I Bayer’s theorem the relevant case evidence are considered for a particular case. Lkelihood can be defined as a conditional probability or the unobserved events of B and A has occurred based on given B. Lkelihood is given by P (A I). I shall be noted that the likelihood is a function that is dependent on the events of B and the likelihood is the weight that is given to the events of B depending upon the occurrence of A.
Te subjective probability mainly the assumption or the summary of believes that are observed to occur. I Bayesian statistic, sbjective are collection of the sum possible parameters that are considered before the data. Tese predictions or beliefs are often said as Prior subjective that provides the occurrence of event between the possible parameters, trough providing possible values to the data. Hwever, tere are two concepts that are applied in different ways in Bayes’ theorem that are objective probabilities and subjective probabilities.
Jckman (2009) illustrates the application of subjective probability as ‘probability that corresponds to personal beliefs that are rational and have coherences constrains with respect to probabilities. Te probability are based on the parameters of beliefs, terefore it is essential that the parameters should be defined or calculated on the bases of its degree of belief due to which it important that the parameters should be subjective, i order to revise beliefs about parameter in the given data.
I addition, te beliefs that shall be considered among the parameters of probability should be based on previous events or. ..
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