Predicting Championship Teams Using Bayes' Theorem (Infographic)
"How did Nate Silver, the “King of Quants,” get his name? “Quants” is the nerd name for quantitative analysts. He created Pecota, the most accurate baseball player performance forecasting system in the world. Silver also nearly perfectly predicted the results of the Presidential elections and Senate races of 2008 and 2012, and the NCAA Basketball Champion teams of 2012 and 2013. The math behind Silver’s predictive system is still unknown to the public, but it’s understood to be based on the Bayes’ Theorem.
This infographic uses an example of Bayes' Theorem to predict a Yankees win in a good season; using past performance, and past predicted win and loss statistic accuracy statistics together to find the probability of the Yankees winning their next game. Check it out below to learn more:
Click here for Infographic
Photo of Nate Silver compliments of Time