Understanding the Concept of Range
In mathematics, the range is a term used to describe the difference between the highest and lowest values in a set of data. It provides valuable information about the spread or variability of values within a dataset.
Examples of Range
For example, consider a set of numbers: 5, 10, 15, 20, 25. The range of this set is calculated by subtracting the lowest value (5) from the highest value (25), resulting in a range of 20.
Case Studies on Range
Businesses often use the concept of range to analyze sales data. For instance, a company may calculate the range of sales figures for a particular product to determine the variability in performance.
Statistics on Range
According to a study conducted by a data analysis firm, the range of income levels among employees in a multinational corporation was found to be $50,000 to $150,000, showcasing a wide range of salaries within the organization.
