Bayesian probability

{
  "id": "MLC-T-OAG-000299",
  "term": "Bayesian probability",
  "field": "Oil and gas",
  "definition": "A concept of probability that interprets the likelihood of an event as a degree of belief, which can be updated as new evidence becomes available. Unlike frequentist probability, it allows for the incorporation of prior knowledge or subjective beliefs into the analysis. In reservoir characterization, Bayesian probability is used to quantify uncertainties in geological parameters and make informed decisions about reservoir models.",
  "subject": "Reservoir Characterization",
  "url": "https://mlchart.com/terminology/oil-and-gas/bayesian-probability/"
}