I used to be in academia, where I used Stan extensively and loved it. I’ve since moved to industry where, for various reasons, I haven’t “needed” Stan. But I miss it! Now, my company is part of a start-up community where we share knowledge, and it occurs to me that while my data crunching doesn’t need/fit-with the rigor of full Bayesian inference, others here might. So I’m planning a talk on “Bayes for Business”, but being new to the non-academic/non-niche-modelling world, I don’t have much personal experience with the kinds a data/inference scenarios that might be encountered by businesses. I’ve sent a query to the local community for examples, but I thought I’d also ask here in case anyone already has experience with benefits earned by moving from more limited tools to full Bayes in a business/industry context. Thanks in advance for your suggestions!
Obviously there are a lot of applications of MCMC in Finance. You’re likely already aware of @Risk and Crystal Ball. Maybe you’ve seen this: https://www.probabilitymanagement.org/. This is also interesting: https://www.getguesstimate.com/.
See Productization of Stan tutorial and panel in StanCon 2019 Helsinki
In pharma we use informative priors derived from literature data to reduce the control group sample size, for example. These approaches are used in early drug development (phase I+II).
I developed the R package
RBesT (https://cran.r-project.org/package=RBesT) to do just that…have a read of the “Getting started …” vignette to get an idea.
What is sun?