I need to update the failure rate (given as deterministic) based on new rate of failure about the same system (it is a deterministic one too). I read about conjugate priors and Gamma distribution as a conjugate for the Poisson process.
Also, I can equate the mean value of Gamma dist. ($\beta/\alpha$) to the new rate (as a mean value) but I do not have any other information such as standard deviation, Coefficient of Variation, 90th percentile value,...etc. Is there a magic way to manipulate that and find parameters for the prior Gamma hence I get the posterior which Gamma too?