What is the range and write down the practical application at this method?

The range is a statistical measure that represents the difference between the highest and lowest values in a data set. It provides a simple way to understand the spread or variability of the data. A practical application of the range is in quality control processes, where it helps identify the consistency of measurements and detect any significant variations that may indicate problems in production. Another application can be in finance, where the range of stock prices over a specific period can inform investment decisions.