Range, Coefficient of Range, formulas, Merits & Demerits of Range | Measures of Dispersion
🚩Timestamps:-
00:07 Session Agenda
00:40 Range
02:19 Coefficient of Range
03:06 Range in Individual series
05:04 Discrete series OR Frequency Array
06:38 Frequency Distribution OR Continuous series
12:16 Merits of Range
15:19 Demerits of Range
17:31 Concluding Remarks
Learning Outcomes:-
Through this module, you will gain understanding on:-
1.
calculation
of Range and Coefficient of Range for different types of Statistical Series
2. MERITS AND DEMERITS OF RANGE
MERITS AND DEMERITS OF RANGE
Merits
(1)
Simple: It is a very simple measure of the dispersion of the series. It is
simple to calculate as well as understand.
(2)
Wide Application: Range is widely used in statistical series relating to
quality control in production. Control charts are prepared on the basis of
range. If the quality of goods produced is within the range prescribed in the
charts then the production process is said to be under control, otherwise not.
Likewise range is a commonly used measure of dispersion in case of changes in
interest rates, exchange rates and share prices.
Demerits
(1)
Unstable: It is an unstable measure of dispersion. It depends upon the extreme
values of the series. Any change in the extreme values or a change in the sample
immediately affects the range of the series.
(2)
Not Based on all Values: The calculation of range is not based on all the
values of a series. It does not give importance to other values other than the
extreme ones.
(3)
No Knowledge of the Formation of the Series: Range gives no precise knowledge
about the formation of series.
(4)
Irrelevant for Open-ended Frequency Distribution: Range cannot be calculated in
case of open-ended frequency distributions. It just becomes irrelevant.
VIDEO DESCRIPTION (max 5,000 characters)
Range and Coefficient of Range in Individual series, Discrete series OR Frequency Array, Frequency Distribution OR Continuous series, Merits of Range, Demerits of Range | Measures of Dispersion | 11th Commerce | by @statomics11comm
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Ch 11 - (DISPERSION) Measures of Dispersion
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