“One of the more noticeable things about our branding is the term “Bayesian.” It is a mathematical approach to statistics that better reflects the way many people think, and it is one that we find a lot easier to understand than the more common or “Frequentist” perspective. Most people don’t know what this approach is though, because of the two major approaches to statistics (Bayesian and Frequentist), Bayesian Statistics is not the one taught at the high school or early college level.
Bayesian statistics is best described through an example. Our example is one really familiar to anyone in the online space – deciding if an Adwords Ad is good. The frequentist approach is the one normally taught in high school and freshman college math classes. To them, there is an objective point to be taken and measured against. For the sake of the discussing here, a frequentist would define the ad as “bad” if it’s click through rate (CTR) is under 0.5% and good if it’s CTR is over 2%…”