08 Magnolia - Bayes's Rule

This video considers an example single-stage decision problem with one decision followed by one uncertain event. It also considers potential information that can be obtained to help make a better decision. The video shows how posterior probabilities for the uncertain event can be calculated using the Bayes' Rule.
This video is part of a lecture series available at / decisionmaking101
The Excel file used in this video is available at bit.ly/2lYEjVS.