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

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.