Updating Priors

In the world of statistical inference, a “prior” refers to the beliefs we have about a particular value before we have all the data.

In practice, this means that if we’ve done all the calculations required to ship a batch of a particular product from warehouses to grocery stores, but then discover that the product actually weights three ounces more than we were originally told, it’s important that we go back through all of our calculations and change them based on this updated information.

...