MC FLO – Bayesian statistics

Bayesian statistics is used everywhere like Fibonacci sequences. See this video description

Based on prior knowledge and the actual data (“evidence”), an adapted knowledge (posteriori distribution) is created in Microsoft Excel and the Monte Carlo simulation tool MC FLO. This adapted knowledge is used to derive consistent decisions and predictions. Specifically, we show how easy it is to plan resilient budgets using Bayesian statistics and how an adapted forecast, (latest estimate) can be derived from the observed data.

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