For those wanting to know more, a detailed explanation of the background and rigor put into EPSS is covered in the latest published EPSS paper.
Measure the performance of the model, tweak and repeat step 3 to optimize the model.Train a model: discover/learn the relationship between the vulnerability information and the exploitation activity.Collect evidence of daily exploitation activity.Collect as much vulnerability information as we can from a variety of sources.
It is designed from the ground up to make the best use of all of the information available and it does this in five steps: EPSS is a daily estimate of the probability of exploitation activity being observed over the next 30 days.