Discussion Post: Advanced Statistical Concepts and Business Analytics
Answer each of the following questions in detail and provide examples for better clarity wherever applicable. Provide in-text citations.
• Explain the k-nearest neighbor's algorithm for prediction, accompanied by a simple example.
• Explain the Bayes' algorithm for estimating the probability of an outcome, accompanied by a simple example.
The response should include a reference list. Using one-inch margins, Times New Roman 12 pnt font, double-space and APA style of writing and citations.
Textbook: Bowerman, B., Drougas, A. M., Duckworth, A. G., Hummel, R. M. Moniger, K. B., & Schur, P. J. (2019). Business statistics and analytics in practice (9th ed.). McGraw-Hill. ISBN 9781260187496.