Applying of Bayesian Method in the Decision-Making Process of Strategy Analysis
Chao Zhou, Mingzhe Wang, Dong-Peng Yang · 2008
Bayesian method is a significant methodology in decision-making process, according to the new situation and characteristic of the current research and development, the drawbacks of conventional statistic evaluation method can be avoided while Bayesian analysis is applied in the decision-making process. Moreover, as the information collected from the simulation experiment is utilized amply, and the evaluation outcome is analyzed, hence, the expected loss is reduced, and the quality of the strategy analysis is greatly improved. Finally, this paper addressed an instance to interpret its analysis.