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Actually, telling you whether things are different isn't the goal. The goal is to make practical business decisions with reasonably high likelihood of being ri
by ted_dunning 10y ago
Actually, telling you whether things are different isn't the goal.
The goal is to make practical business decisions with reasonably high likelihood of being right and, if wrong, having only limited impact.
The output of a well done Bayesian analysis can be very easy for business people to understand. Statements like (you have a 60% chance of making just the right decision and a 35% chance of making a decision that is within 3% of right) are easy for most business stake-holders to understand because that is close to how they frame their own decision making process.
Laboring to reject a null hypothesis is an unnatural act for most people.