Tag: Monte Carlo

Monte Carlo Simulation with Python

From: https://pbpython.com/monte-carlo.html Introduction There are many sophisticated models people can build for solving a forecasting problem. However, they frequently stick to simple Excel models based on average historical values, intuition and some high level domain-specific heuristics. This approach may be precise enough for the problem at hand but there are alternatives that can add more … Continue reading Monte Carlo Simulation with Python →

Bayesian Statistics: Analysis of Health Data

From: https://datascienceplus.com/bayesian-statistics-analysis-of-health-data/ The premise of Bayesian statistics is that distributions are based on a personal belief about the shape of such a distribution, rather than the classical assumption which does not take such subjectivity into account. In this regard, Bayesian statistics defines distributions in the following way: Prior: Beliefs about a distribution prior to observing any … Continue reading Bayesian Statistics: Analysis of Health Data →