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Reference.org
Frequency of exceedance
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<p>The frequency of exceedance, sometimes called the annual rate of exceedance, is the frequency with which a random process exceeds some critical value. Typically, the critical value is far from the mean. It is usually defined in terms of the number of peaks of the random process that are outside the boundary. It has applications related to predicting extreme events, such as major <a href="/facts/Earthquake_prediction/KGtV76NW">earthquakes</a> and <a href="/facts/Flood/FDQjJeXW">floods</a>. </p>