Bayesian Thinking

Bayesian Thinking Course Overview

Bayesian methods give us an alternative way to think about probability, with applications in business decision-making.

While traditional statistics requires us to observe a meaningful sample to inform decisions, Bayesian methods allow a “best guess” approach based on available information. These approaches also allow us to include other information such as beliefs and outside knowledge.

This course will take you on a step-by-step journey, from traditional statistical approaches, through conditional probability and Bayes Theorem. These concepts will form a foundation to help you understand two basic Machine-Learning examples introduced in the course. In the end, you’ll produce a real-world classification model using Python.

Bayesian Thinking Objectives

Upon completing this course, you will be able to:

• Describe, compare, and contrast the three main approaches to probability

• Understand the fundamentals of the Bayesian approach—such as conditional probability, priors, and updating beliefs

• Apply Bayesian methods such as Bayes theorem and contingency tables to simple problems

• Describe two Bayesian machine learning methods—multinomial and gaussian Bayes classifiers

• Recognize the benefits of using these machine learning methods for modeling complex scenarios

• Evaluate the results of the machine learning tests against business goals in Python

Who Should Take this BIDA™ Course?

This Bayesian Thinking course is perfect for professionals who work with data and want to apply an understanding of statistics to solving business problems. This course covers critical concepts for anyone working with statistics or data science and introduces both the concepts and practical applications. No background in coding with Python is required for this course. Common career paths for students who take the BIDA™ program are Business Intelligence, BI Developer, Data Analyst, Quantitative Analyst, and other finance careers.

Bayesian Thinking is an elective course of CFI’s BIDA™ program

The Business Intelligence & Data Analyst (BIDA)™ program will take you on a highly interactive and hands-on journey through the world of data science and business intelligence. From theory and interactive questions to applied Python workbooks, data science models, and interactive dashboards in Tableau, our instructors will walk you through countless real-world scenarios and exercises. The program is ideal for students who want to learn how to analyze data more effectively, save time with automation, or be a general data pro at work. With a well-rounded knowledge of BI and data science, learners are well-equipped to take on roles in Business Intelligence, Data Science, Data Analysis, Quantitative Analysis, and other data careers.