**Range of Data**

The range of a given set of data refers to the difference between the maximum and minimum observations in that data set. It is a measure of the spread or dispersion of the data points. In other words, it measures the extent to which the data values are scattered or varied.

**Calculation of Range**

To calculate the range of a data set, you need to find the difference between the maximum and minimum values. This can be done by following these steps:

1. Identify the maximum value in the data set.
2. Identify the minimum value in the data set.
3. Subtract the minimum value from the maximum value to find the range.

For example, consider the following set of data: 5, 10, 12, 8, 15, 3

The maximum value is 15 and the minimum value is 3. Therefore, the range can be calculated as:

Range = Maximum value - Minimum value
= 15 - 3
= 12

Hence, the range of the given data set is 12.

**Importance of Range**

The range provides a simple and straightforward measure of the spread of data. It gives an idea of how much the data values deviate from each other. A larger range indicates a greater dispersion, while a smaller range indicates a smaller dispersion.

By calculating the range, we can quickly determine the minimum and maximum values in a data set. This information is useful in various statistical analyses and interpretations. For example, it can help identify outliers (data points that are significantly different from the rest of the data) and determine the overall variability of the data.

Moreover, the range is a basic measure of dispersion and is often used as a starting point for more advanced statistical analyses, such as calculating the standard deviation or variance.

In conclusion, the difference between the maximum and minimum observations in a data set is known as the range. It provides a measure of the spread or dispersion of the data and is a fundamental concept in statistics.

Range = maximum observation - minimum observation