What is Likelihood Estimation?
Likelihood Estimation is a statistical method used to estimate the parameters of a probability distribution or a statistical model based on observed data. Unlike traditional estimation methods that focus on finding the “best-fitting” parameters, likelihood estimation frames the problem in terms of the likelihood function.
Maximum Likelihood Estimation in R
Maximum Likelihood Estimation (MLE) is a key method in statistical modeling, used to estimate parameters by finding the best fit to the observed data. By looking closely at the data we have, MLE calculates the parameter values that make our observed results most likely based on our model. In this article, we explore how to use MLE with the R Programming Language.