Generalized Extreme Value Distribution

The Generalized Extreme Value (GEV) distribution is a statistical model used to analyze the maximum or minimum values within a dataset over time, such as annual flood levels or extreme weather events. It combines three types of extreme value distributions into one flexible framework, allowing statisticians to accurately estimate the probability of rare, extreme occurrences. This helps in understanding and preparing for unlikely but impactful events. Think of it as a tool for predicting the behavior of the most extreme data points in a series, providing valuable insights for risk management and decision-making.