Range analysis is a statistical technique used to study the variability or dispersion of a set of data points. It focuses on measuring the difference between the highest and lowest values in a dataset. By calculating the range, one can gain insights into the spread or distribution of the data. It provides a simple and quick way to understand the extent of variation within a dataset, helping to identify outliers or anomalies.
Range analysis is commonly used in fields such as quality control, finance, and data analysis to assess the dispersion of data points and make informed decisions. While range analysis provides a basic measure of variability, it does not take into account the distribution shape or the relationship between data points, so it is often used in conjunction with other statistical techniques for a comprehensive analysis.
