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๐ Bayes' Theorem provides a way to update the probability of a hypothesis based on new evidence.
๐ The formula can be expressed as P(A|B) = (P(B|A) * P(A)) / P(B).
๐ The theorem combines prior knowledge (prior probability) with observed data (likelihood).
๐ Bayes' Theorem is widely used in fields like medicine, finance, and machine learning.
๐ It allows for the revision of probabilities as more data becomes available.
๐ง The theorem is named after Thomas Bayes, an 18th-century statistician and theologian.
๐ค It highlights the concept of conditional probability, where the outcome of one event affects another.
๐ Bayesian inference utilizes Bayes' Theorem to draw conclusions from data.
๐ก The theorem is foundational in Bayesian statistics, contrasting with frequentist approaches.
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Applications of Bayes' Theorem include spam detection, diagnostic testing, and risk assessment.
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