Well, approximating a circle with a polygon and Pythagoras' story may be well known. But what about the other way around?

I have some polygons, that should be in fact circles. However, due to measurement errors they are not. So, what I'm looking for is the circle that best "approximates" the given polygon.

In the following figure we can see two different examples.

enter image description here

My first Ansatz was to find the maximum distance of the points to the center as well as the minimum. The circle we are looking for is maybe somewhere in between.

Is there any algorithm out there for this problem?

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