Why is there a large gap between imported png and caption?

Why the spacing between the caption and image is large and why it is not where I wanted it but somewhere else? How to make it next to it as I would normally expect a caption to be?

I placed the png as shown:

An overview of the development process is graphically shown:

\begin{figure}
\centering
\includegraphics[height=60mm]{diagram.png}
\caption{Development Framework} \label{Framework}
\end{figure}

\begin{list}{.}{}
\item Mathematica - Monte Carlo pricing development
\item Mathematica server - Initializing FinancialData indices
\item Excel VBA - importing of pre-saved financial data
\end{list}


But location of the image is reversed?

EDIT: I changed from pdf to png file imported.

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Welcome to TeX.sx! Please add a minimal working example (MWE) that illustrates your problem. It will be much easier for us to reproduce your situation and find out what the issue is when we see compilable code, starting with \documentclass{...} and ending with \end{document}. – Martin Schröder Jan 18 at 14:43
Welcome to TeX.sx!. Quite surely the imported pdf has some white border around it that causes the wide whitespace between the graphic and the caption. So you will have to clip the pdf. The image is not paced where you expect it as you use the figure environment which allows LaTeX to float the figure to a place in the document where the algorithms computed that it fits well. – Benedikt Bauer Jan 18 at 14:44
You could try the pdfcrop tool to remove automatically the white border of the input pdf. – sebschub Jan 18 at 14:53
By replacing the PDF with a png graphic the wide gap disappeared as far as I can see. Therefore the title of your question doesn't hold any more. Also the positioning of the figure is a feature of the figure environment that you use. So please take a look into some of the beginners guide to see how those environments are working. – Benedikt Bauer Jan 18 at 15:21
possible duplicate of How to reduce space between image and its caption? – Martin Schröder Jan 18 at 18:01