Things between Maximum Likelihood Estimation and Ordinary Least Squares?

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  • What are the similarities and differences between Ordinary Least Squares and Maximum Likelihood Estimation?
  • Are they both parametric methods?
  • If we have Ordinary Least Squares, why do we need Maximum Likelihood Estimation?
  • What are the benefits of Maximum Likelihood Estimation opposed to Ordinary Least Squares?
  • What does "Ordinary Least Square needs no stochastic assumption" mean?