**Likelihood**

The likelihood that an event will occur is measured by probability and is quantified as a number between 0 (impossibility) and 1 (certainty).

**Expectation **

The expected value of an experiment is the probability-weighted average of all possible values. An important concept here is the law of large numbers which states that the average result from a series of trials will converge to the expected value.

**Estimation **

One of the main goals of statistics is to estimate unknown parameters. An estimator uses measurements and properties of expectation to approximate these parameters. Estimation theory is a very important concept in Statistics as usually we have data for the sample and not for the population.

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