In what type of problem scenarios is Bayes' Theorem most commonly used?
- When new evidence is used to update the probability of an event
- When the data is categorical
- When the events are mutually exclusive
- When the population is normally distributed
Bayes' Theorem is most commonly used when new evidence is used to update the probability of an event. It provides a way to revise existing predictions or theories (prior probabilities) in light of new data (the likelihood).
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