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Recent advances in model based quantification of electron energy loss spectra (EELS) are reported. The maximum likelihood method for the estimation of physical parameters describing an EELS spectrum, the validation of the model used in this estimation procedure, and the computation of the attainable precision, that is, the theoretical lower bound on the variance of these estimates, are discussed. Experimental examples on Au and GaAs samples show the power of the maximum likelihood method and show that the theoretical prediction of the attainable precision can be closely approached even for spectra with overlapping edges where conventional EELS quantification fails. To provide end-users with a low threshold alternative to conventional quantification, a user friendly program was developed which is freely available under a GNU public license.