GEV Model

The Generalized Extreme Value (GEV) model is a statistical tool used to analyze the most extreme observations in data, such as the biggest floods or highest wind speeds. It helps predict the likelihood and size of rare events by combining different distribution types into one flexible model. This is valuable in risk management and planning, as it provides insight into how extreme events might behave, even if they have not occurred frequently in the past. Essentially, the GEV model helps quantify the potential severity and frequency of rare, impactful events based on historical data.