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Abstract

Using simple, intuitive arguments, we discuss the expected accuracy with
which astrophysical parameters can be extracted from an observed gravitational
wave signal. The observation of a chirp like signal in the data allows for
measurement of the component masses and aligned spins, while measurement in
three or more detectors enables good localization. The ability to measure
additional features in the observed signal -- the existence or absence of power
in i) the second gravitational wave polarization, ii) higher gravitational wave
multipoles or iii) spin-induced orbital precession -- provide new information
which can be used to significantly improve the accuracy of parameter
measurement. We introduce the simple-pe algorithm which uses these methods to
generate rapid parameter estimation results for binary mergers. We present
results from a set of simulations, to illustrate the method, and compare
results from simple-pe with measurements from full parameter estimation
routines. The simple-pe routine is able to provide initial parameter estimates
in a matter of CPU minutes, which could be used in real-time alerts and also as
input to significantly accelerate detailed parameter estimation routines.