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.
Read more about Extreme Value Theory: Data Sampling, Applications, History
Famous quotes containing the words extreme and/or theory:
“Take us generally as a people, we are neither lazy nor idle; and considering how little we have to excite or stimulate us, I am almost astonished that there are so many industrious and ambitious ones to be found; although I acknowledge, with extreme sorrow, that there are some who never were and never will be serviceable to society. And have you not a similar class among yourselves?”
—Maria Stewart (1803–1879)
“No one thinks anything silly is suitable when they are an adolescent. Such an enormous share of their own behavior is silly that they lose all proper perspective on silliness, like a baker who is nauseated by the sight of his own eclairs. This provides another good argument for the emerging theory that the best use of cryogenics is to freeze all human beings when they are between the ages of twelve and nineteen.”
—Anna Quindlen (20th century)