From the course: Learning Excel: Data Analysis

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Challenge: Perform a Bayesian analysis

Challenge: Perform a Bayesian analysis - Microsoft Excel Tutorial

From the course: Learning Excel: Data Analysis

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Challenge: Perform a Bayesian analysis

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(bright music) - [Instructor] Throughout this chapter, I have shown you how to perform Bayesian analysis in Excel. In this movie, I would like to challenge you to solve a problem on your own using the techniques that you learned earlier. Let's assume that a museum is reviewing objects in a particular collection, and it has determined, unfortunately, that only about 70% of the items in that collection are genuine and the rest are counterfeit. Also, it believes, based on this experience, that the appraisers and curators will be correcting their identification 90% of the time, whether an object is genuine or counterfeit. So your goal is to fill in this worksheet and to determine the probability that an item is genuine when reported genuine, and also when it is reported counterfeit and actually counterfeit. I hope you enjoy this problem, and I will come back in the next movie to show you how I would solve it.

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