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Probabilistic Modeling. Probabilistic models Describe the likelihood of outcomesUsed to predict future eventsProbability distributionAllocates likelihood to outcomesOften represented by parameterized functions. Parameter Estimation. Converse of model-based predictionTake sampled data as givenEstimate the most likely model fitting that data setParameter EstimationConstruct model and constraints based on domain knowledgeSolve to find most likely values for parameters of model.

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