Concept:
The Weibull method is used in hydrology for frequency analysis of flood events.
Step 1: Flood events are arranged in descending order of magnitude.
Step 2: A rank is assigned to each flood event.
Step 3: Weibull plotting position formula is used to estimate probability or return period.
Step 4: Return period indicates the average interval after which a flood of given magnitude may be equalled or exceeded.
Step 5: Therefore, the Weibull method is used for estimating return period of a flood event.
\[
\boxed{\text{Estimating return period of a flood event}}
\]