It is a branch of statistics that seeks to explain low-probability
events. Such techniques are used in a wide range of activities,
from predicting the collapse of the share market to the odds of
cloudbursts.
It is widely used in many disciplines such as
structural engineering, nance, earth sciences, trac
prediction, and geological engineering. Codied by Emil J.
Gumbel, a German statistician in inter-War Germany, the basic
ideas of extreme value theory or extreme value analysis set the
ground for modern data journalism. Gumbel, in fact, used these
ideas to ferret patterns of political murder in the Weimar
Republic
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