Probabilistic Model
Definition
Probabilistic models enable handling uncertainties inherent within real-world situations, providing frameworks for understanding complexities arising during interactions and ensuring robustness in decision-making.
When Probabilistic Model is used
Bayesian networks
Which positions need this?
Data Scientists
Problem
Inefficiencies due to lack of uncertainty management in predictions.
Example of how Probabilistic Model is used in AI
A financial analyst uses probabilistic models to forecast stock prices, incorporating uncertainty into the predictions for better risk management.
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