Advantages/Merits Of Range
Main advantages of range can be highlighted as follows:
1. Rigidly Defined
Range is rigidly defined measure of dispersion. So, it value is always fixed.
2. Simple And Easy Method
It does not require special mathematical knowledge to compute range. It can be calculated simply by subtracting lowest value from the largest value in the series. It is very simple to understand.
2. Highly Affected
3. Usefulness
Range can be used for quality control purpose. It is also useful for weather forecast.
Disadvantages/Demerits Of Range
The main drawbacks or disadvantages of range can be pointed out as follows:
1. Not Based All Items
Range may not be considered as the reliable method of dispersion because it is not based on the all items in the series.
Range is highly affected by sampling fluctuations.
Also Read:
3. Range cannot be determined in case of open end class distribution.
4. It is not suitable for further algebraic treatments and other mathematical calculations.
Pros And Cons Of Range In Short
Pros:
- It is well defined measure of dispersion
- It has always fixed values
- It is very simple to determine and everyone can understand easily
- It can be used to test product quality, weather forecasting, fluctuations in share prices etc.
Cons:
- It cannot be calculated for open end series
- It does not assist for further mathematical treatment
- It is unstable because its value is affected by the change in sampling fluctuations
