Which term is defined as the difference between the highest and lowest possible values?

Which term is defined as the difference between the highest and lowest possible values?

• A. Quartiles
• B. Range
• C. Normal distribution
• D. Present value

Answer: (B)

Range is the measure of dispersion defined as the difference between the highest and lowest values in a set of data (or the range of possible outcomes). It’s calculated simply as maximum value minus minimum value. For example, if outcomes could be 3, 7, 12, and 2, the highest is 12 and the lowest is 2, so the range is 10. This gives a quick sense of how spread out the values can be. Other terms describe different ideas. Quartiles divide data into four equal parts and describe where values sit within the distribution, not just the extremes. A normal distribution is a specific bell-shaped pattern a dataset might follow. Present value is a finance term for the current worth of future cash flows, unrelated to how spread out outcomes are.

Range is the measure of dispersion defined as the difference between the highest and lowest values in a set of data (or the range of possible outcomes). It’s calculated simply as maximum value minus minimum value. For example, if outcomes could be 3, 7, 12, and 2, the highest is 12 and the lowest is 2, so the range is 10. This gives a quick sense of how spread out the values can be.

Other terms describe different ideas. Quartiles divide data into four equal parts and describe where values sit within the distribution, not just the extremes. A normal distribution is a specific bell-shaped pattern a dataset might follow. Present value is a finance term for the current worth of future cash flows, unrelated to how spread out outcomes are.