You Have Just Joined the Sales Modelling Team for a Start-Up

question 1

Multiple Choice

You have just joined the sales modelling team for a start-up software company. Your boss has decided that from now on the team will adopt a Bayesian approach. However, not all staff understand what this is; your boss asks you to present a training session. How would you explain a Bayesian approach in your session introduction?

• A) An approach where you reject your statistical model once data is collected.
• B) An approach where you do not modify the likelihood of your statistical model as more data is collected.
• C) An approach that allows you to focus on testing the null hypothesis based on data collection.
• D) An approach that allows you to update the likelihood of your statistical model as more data is collected.

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Definitions:

Property, Plant

Part of Property, Plant, and Equipment (PP&E), these are tangible assets used in a company's operations expected to last more than one fiscal year.