The Generalized Extreme Value (GEV) distribution is a statistical model for extreme values that captures their probability distribution and behavior. Within extreme value theory, the GEV distribution is one of the three types of extreme value distributions, commonly used for analyzing and predicting extreme events in various fields. It incorporates three parameters: location, scale, and shape, which determine the distribution’s characteristics. The GEV’s probability functions, including the cumulative distribution function and probability density function, allow for precise modeling and derivation of quantiles, which are essential in risk assessment and extreme event forecasting.
