A return period, also known as a recurrence interval or repeat interval, is an average time or an estimated average time between events such as earthquakes, floods, landslides, or river discharge flows to occur. It is a statistical measurement typically based on historic data over an extended period, and is used usually for risk analysis. Examples include deciding whether a project should be allowed to go forward in a zone of a certain risk or designing structures to withstand events with a certain return period.
In probability theory and statistics, the generalized extreme value (GEV) distribution is a family of continuous probability distributions developed within extreme value theory to combine the Gumbel, Fréchet and Weibull families also known as type I, II and III extreme value distributions. By the extreme value theorem the GEV distribution is the only possible limit distribution of properly normalized maxima of a sequence of independent and identically distributed random variables.
A drainage basin is an area of land where all flowing surface water converges to a single point, such as a river mouth, or flows into another body of water, such as a lake or ocean. A basin is separated from adjacent basins by a perimeter, the drainage divide, made up of a succession of elevated features, such as ridges and hills. A basin may consist of smaller basins that merge at river confluences, forming a hierarchical pattern. Other terms for a drainage basin are catchment area, catchment basin, drainage area, river basin, water basin, and impluvium.
Renewal theory is the branch of probability theory that generalizes the Poisson process for arbitrary holding times. Instead of exponentially distributed holding times, a renewal process may have any independent and identically distributed (IID) holding times that have finite mean. A renewal-reward process additionally has a random sequence of rewards incurred at each holding time, which are IID but need not be independent of the holding times. A renewal process has asymptotic properties analogous to the strong law of large numbers and central limit theorem.
Statistical inference is the process of using data analysis to infer properties of an underlying distribution of probability. Inferential statistical analysis infers properties of a population, for example by testing hypotheses and deriving estimates. It is assumed that the observed data set is sampled from a larger population. Inferential statistics can be contrasted with descriptive statistics. Descriptive statistics is solely concerned with properties of the observed data, and it does not rest on the assumption that the data come from a larger population.