In flood frequency analysis (FFA), annual maximum (AM) model is widely adopted in practice due to its straightforward sampling process. However, AM model has been criticized for its limited flexibility. FFA using peaks-over-threshold (POT) model is an alternative to AM model, which offers several theoretical advantages; however, this model is currently underemployed internationally. This study aims to bridge the current knowledge gap by conducting a scoping review covering several aspects of the POT approach including model assumptions, independence criteria, threshold selection, parameter estimation, probability distribution, regionalization and stationarity. We have reviewed the previously published articles on POT model to investigate: (a) possible reasons for underemployment of the POT model in FFA; and (b) challenges in applying the POT model. It is highlighted that the POT model offers a greater flexibility compared to the AM model due to the nature of sampling process associated with the POT model. The POT is more capable of providing less biased flood estimates for frequent floods. The underemployment of POT model in FFA is mainly due to the complexity in selecting a threshold (e.g., physical threshold to satisfy independence criteria and statistical threshold for Generalized Pareto distribution – the most commonly applied distribution in POT modelling). It is also found that the uncertainty due to individual variable and combined effects of the variables are not well assessed in previous research, and there is a lack of established guideline to apply POT model in FFA.

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Flood frequency analysis (FFA) enables fitting of distribution functions to observed flow data for estimation of flood quantiles. Two main approaches, Annual Maximum (AM) and peaks-over-threshold (POT) are adopted for FFA. POT approach is under-employed due to its complexity and uncertainty associated with the threshold selection and independence criteria for selecting peak flows. This study evaluates the POT and AM approaches using data from 188 gauged stations in south-east Australia. POT approach adopted in this study applies a different average numbers of events per year fitted with Generalised Pareto (GP) distribution with an automated threshold detection method. The POT model extends its parametric approach to Maximum Likelihood Estimator (MLE) and Point Moment Weighted Unbiased (PMWU) method. Generalised Extreme Value (GEV) distribution using L-moment estimator is used for AM approach. It has been found that there is a large difference in design flood estimates between the AM and POT approaches for smaller average recurrence intervals (ARI), with a median difference of 25% for 1.01 year ARI and 5% for 50 and 100 years ARIs.