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→Likelihood
Those chances are ''likelihood''. A set of parameters can be followed by observed data in the sample with very low chance, another set of parameters can be followed by the sample with relatively high chance, and yet another set of parameters can be followed by the sample with the highest chance.
As a natural sense, the highest chance of set of parameters, i.e., the most likely set of parameters (the parameters with the maximum ''likelihood'') is taken into account and is used to make the relevant equation. That is the maximum likelihood estimation method.
