https://doi.org/10.36719/2663-4619/109/71-78
Rahima Sadigova
Nakhchivan State University
Gasim Taghiyev
Nakhchivan State University
The Way Bayes' Formula Opens for Innovative Entrepreneurs
Abstract
The article is about the practical application of bayes’ theorem, which is a branch of probability theory, in various fields of economics. Today, the economy is one of the most important and relevant topics in the world and in our country. Today, the economy is constantly changing. At the same time, hundreds of ideas appear every day and people want to implement these ideas. But are each of these ideas successful? No. It is in this article that Bayes’ Theorem gives a practical way to determine how successful ideas and people who want to enter the market will be. The success of people’s ideas and the products they want to produce is measured by the formula of Bayes theorem. Besides, in the article, the future of a company, its investment, as well as predictions of whether the company’s shares will increase or not, are applied in a practical way.
Keywords: Bayes formula, entrepreneur, risk, market analysis, economy, product, probability