Mini toolsDefinition
The probability of future observations based on past observations and statistical models.
Detailed Explanation
Predictive probability quantifies uncertainty about future events based on historical data and model assumptions. It integrates over all possible parameter values weighted by their posterior probabilities, providing a distribution over future observations that accounts for both aleatory and epistemic uncertainty.
Use Cases
Weather forecasting, stock market prediction, customer behavior prediction, risk assessment, and quality control.
