Essay #3 - Bayes Theorem is essential in understanding what people already know in the past in order to predict outcomes in the future Instead of

Essay #3 - Bayes Theorem is essential in understanding what...

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Bayes’ Theorem is essential in understanding what people already know in the past in order to predict outcomes in the future. Instead of staying constant, Bayes’ Theorem allows predictions to change over time to be taken into account. In this case, John and Mario, owners of Mi Casa Front Porch restaurant, are planning a huge Super Bowl event and need to know whether they should spend $30,000 in order to purchase a tent for the event since it will most likely rain. Fortunately, we can use Bayes’ Theorem to predict the answer. In this scenario, it is given that rain occurs 15 days every year so by dividing 15 by 365, it would
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  • Fall '12
  • Donnelly
  • Forecasting, Super Bowl, Super Bowl XLIII, Super Bowl XLIV, Super Bowl XL

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