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I have rainfall data series for a particular city. With the help of statistics i would like to classify the data of rainfall into light rain , heavy and very heavy. Is it possible to know the threshold value of each classification with help of statistics.

Deepa
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The first thing you should do is visualize your data. If you create a scatter plot you may be able to see groupings of rainfall. Perhaps your graph will reveal that 4 or 5 categories of rainfall is better? After visualizing I would try clustering as @ArtificialBreeze suggested.