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Likelihood Function

A likelihood function is a mathematical tool used in statistics to measure how well a certain model explains observed data. Imagine you have a bag of coins, some fair and some biased. The likelihood function helps you assess the probability of drawing a certain number of heads or tails, depending on your model of the coins. By comparing likelihoods from different models, you can determine which model best fits the data you collected, guiding decisions in fields like science, finance, and machine learning. It helps us quantify how plausible our assumptions are based on the evidence.

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    A likelihood function is a statistical tool used to describe how likely a particular set of observations is, given certain assumptions or parameters of a model. Imagine you have a coin, and you want to know if it’s fair based on how many times it lands on heads or tails. The likelihood function calculates the probability of observing your results for different scenarios (like the coin being fair or biased), helping you find which scenario best explains your data. In essence, it helps you make sense of data by evaluating the plausibility of various explanations.