Beta Distribution: What, When & How

What ?

Beta distribution is a distribution of probabilities

Let's revise the probability, probability of an event can be calculated using below formula.

Many times in real life, we come up with scenarios when we don't know the actual probability but we have prior knowledge to guess the probability (called as prior in Data Science world), beta distribution can be used to represent all the possible values that probability can take.

In probability theory and statistics, the beta distribution is a family of continuous probability distributions defined on the interval [0, 1] parametrized by two positive shape parameters, denoted by α± and α², that appear as exponents of the random variable and control the shape of the distribution

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