Maximum Likelihood Estimation

Maximum Likelihood Estimation (MLE) is a statistical approach used to estimate the unknown parameters of a given model. This method works by finding the parameter value that maximizes the probability of the observed data. It is a popular technique used in a wide array of disciplines such as economics, psychology, engineering, and genetics. It can be used to estimate the parameters of a linear regression model, a logistic regression model, or any other probability model. MLE can also be used to estimate the parameters of population distributions with unknown parameters. It is a powerful method that is both simple and efficient, making it an important tool in data science and other fields of research.