The last observing run of the advanced LIGO and Virgo interferometers has led to the detection of tens of compact binary systems involving neutron stars and black holes. Understanding the properties of these sources, such as their masses and spins, has important implications for determining how such systems form, evolve, and eventually merge in the Universe. In this talk, I will present the formalism for parameter estimation of individual compact binary coalesces using the framework of Bayesian inference. I will describe the standard likelihood, priors, and phenomenological models used in gravitational-wave astronomy, as well as methods for stochastic sampling and evidence estimation. Finally, I will demonstrate how to combine these concepts to perform parameter estimation on a real gravitational-wave event using publicly available software.