Bayesian statistics is not a branch of statistics in the way that, say, nonparametric statistics is. It is, in fact, a self-contained paradigm providing tools and techniques for all statistical problems. Experimental statistics in which the assumptions about parameters are continually revised in light of new data by using a weighted average of the previous assumption. Innovations are new idea, device or process. Innovations are the application of better solutions that meet new requirements, inarticulated needs or existing market needs. It is proficient through more effective products, processes, services, technologies, or new ideas that are readily available to markets, governments and society. Innovations are something original and novel, as a significant, new that breaks into the market or society.
Last date updated on September, 2014