Q: What is Bayesian analysis and when should I use it?

Bayesian analysis is a statistical method that incorporates prior knowledge or beliefs about a parameter into modeling, with subsequent updates based on new data to refine estimates. The method is especially useful in the following contexts:

• Some observations will be too few or too small to guarantee the reliability of classical methods.
• Some data or situations to be modelled are inherently dynamic or uncertain.
• Quantification of uncertainty and changing one’s conclusions upon the acquisition of more data is what the Bayesians would like to do.

These Bayesian methods do justice to the rather complicated and dynamic modeling, where prior knowledge can significantly influence the improvement of predictions and inferences.