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The likelihood is defined as the probability of observing a given set of data, assuming a particular model of the process that generated them. It is often used as a measure of how well the model fits the observed data, and many statistical methods estimate models’ parameters by choosing the values that make the observed data the most likely, an approach known as maximum likelihood estimation.
Topic revision: r1 - 28 Jan 2013 - 15:35:16 - PeterBacchetti

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