Maximum Likelihood and Logistic Regression
I ran a logistic regression model. This model is based on maximum likelihood estimation. Now I need to explain it to my boss, who is not a Statistician....
How would you explain, in simple intuitive words, the principle of maximum likelihood in the logistic model ?
Re: Maximum Likelihood and Logistic Regression
'In general, for a fixed set of data and underlying statistical model, the method of maximum likelihood selects values of the model parameters that produce a distribution that gives the observed data the greatest probability (i.e., parameters that maximize the likelihood function).' -Maximum likelihood, Wikipedia