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Calculation of Range Video Lecture | Statistics for Economics - Class XI - Commerce

51 videos|41 docs|12 tests

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Video Timeline
Video Timeline
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00:21 Methods of measuring Dispersion
01:09 Range & Coefficient of Range
04:41 In Individual series (Illustration)
06:45 In Discrete series (Illustration)
08:48 Discussion of both methods for Calculation of range & its coefficient in Continuous series
13:17 Merits & Demerits of Range
15:04 Uses of Range
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FAQs on Calculation of Range Video Lecture - Statistics for Economics - Class XI - Commerce

1. What is range in statistics?
Range in statistics refers to the difference between the largest and smallest values in a data set. It provides a measure of the spread or variability of the data. To calculate the range, you subtract the smallest value from the largest value.
2. How is the range calculated?
To calculate the range, you simply subtract the smallest value from the largest value in a data set. For example, if you have a set of numbers {2, 5, 8, 10, 12}, the smallest value is 2 and the largest value is 12. Therefore, the range would be 12 - 2 = 10.
3. What does the range tell us about the data?
The range provides insight into the variability or spread of the data set. A larger range indicates a greater dispersion of values, suggesting more variability in the data. Conversely, a smaller range suggests less variability and a more concentrated set of values.
4. Can the range be used as a measure of central tendency?
No, the range is not a measure of central tendency. Measures of central tendency, such as the mean, median, and mode, provide information about the typical or central value in a data set. The range, on the other hand, focuses on the spread or dispersion of the data.
5. What are the limitations of using the range?
While the range provides a simple measure of variability, it has some limitations. It only considers the two extreme values in a data set and ignores the distribution of the remaining values. Additionally, the range is sensitive to outliers, meaning that a single extreme value can greatly affect its value. Therefore, it is often useful to consider other measures of dispersion, such as the standard deviation, alongside the range.
51 videos|41 docs|12 tests
Video Timeline
Video Timeline
arrow
00:21 Methods of measuring Dispersion
01:09 Range & Coefficient of Range
04:41 In Individual series (Illustration)
06:45 In Discrete series (Illustration)
08:48 Discussion of both methods for Calculation of range & its coefficient in Continuous series
13:17 Merits & Demerits of Range
15:04 Uses of Range
More
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