The Likelihood

Likelihood is a way to measure how well a specific set of assumptions or parameters explains observed data. For example, if we have data and want to see which model or hypothesis best fits it, likelihood tells us how probable the observed data is under each model's assumptions. A higher likelihood indicates that the model better explains the data. Unlike probability, which predicts future data, likelihood evaluates how well a given model explains existing data, helping researchers identify the most plausible explanations or parameter values.