The maximum likelihood approach is very powerful for small and moderate data sets, but it is very limited in the types of scenario it can be used for.

Question

Quizplus · Accepted Answer

The maximum likelihood approach is versatile and can be applied across a wide range of statistical models and scenarios, not limited by the types of scenarios. Its effectiveness or efficiency might vary with the size of the dataset and the complexity of the model, but it is not inherently limited in the types of scenarios it can be used for.

The Maximum Likelihood Approach Is Very Powerful for Small and Moderate