Extreme value theory or extreme value analysis (EVA) is a branch of statistics dealing with the extreme deviations from the median of probability distributions. It seeks to assess, from a given ordered sample of a given random variable, the probability of events that are more extreme than any observed prior. Extreme value analysis is widely used in many disciplines, ranging from structural engineering, finance, earth sciences, traffic prediction, geological engineering, etc. For example, EVA might be used in the field of hydrology to estimate the value an unusually large flooding event, such as the 100-year flood. Similarly, for the design of a breakwater, a coastal engineer would seek to estimate the 50-year wave and design the structure accordingly.
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Famous quotes containing the words extreme and/or theory:
“I am prisoner of a gaudy and unlivable present, where all forms of human society have reached an extreme of their cycle and there is no imagining what new forms they may assume.”
—Italo Calvino (1923–1985)
“Don’t confuse hypothesis and theory. The former is a possible explanation; the latter, the correct one. The establishment of theory is the very purpose of science.”
—Martin H. Fischer (1879–1962)