Extreme Value Analysis: Non–stationary Process
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Abstract
Extreme value means a set of data that is the highest or lowest value in an extreme event that naturally occurs. Therefore, it is intended to find the opportunity to experience the extreme events in the past that will happen in the future. This includes the analysts to create the best model for the extreme values study. Most analysts tend to exclude the data and do not consider it in creating the model because the data is complicated and complex. However, in reality, they want to know the probability or opportunity of the event with the highest or lowest value, which is at the tail end with very little amount of data. In data analysis of the extreme features, it is necessary to check for the model parameters and consider the type of data to be analyzed whether the process is stationary or unstable process (non-stationary process). Since both processes have different analysis procedures and methods for selecting the suitable model, then, if there is no data considering process, the results might be incorrect causing an error in estimated parameter values of the model. Consequently, this might lead to useless utilization and serious outcomes particularly the data analysis process that requires high precision of the model.
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