Bayesian analysis requires the inclusion of prior information. It is also computationally intense. There are many examples that can be provided from any fields. After completing the required readings for the week and conducting any additional research that you may need, write a 4–6 page paper that addresses the following:
- Discuss the reasons for using Bayesian analysis when faced with uncertainty in making decisions.
- Describe any assumptions of Bayesian analysis.
- Describe the situations that would call for Bayesian analysis.
- Describe any problems with Bayesian analysis.
- Describe the contexts for Bayesian analysis.
- How is decision making under uncertainty related to Bayesian analysis?
Be substantive and clear, and use scholarly examples to reinforce your ideas.