EDUCBA Logo

EDUCBA

MENUMENU
  • Explore
    • EDUCBA Pro
    • PRO Bundles
    • Featured Skills
    • New & Trending
    • Fresh Entries
    • Finance
    • Data Science
    • Programming and Dev
    • Excel
    • Marketing
    • HR
    • PDP
    • VFX and Design
    • Project Management
    • Exam Prep
    • All Courses
  • Blog
  • Enterprise
  • Free Courses
  • Log in
  • Sign Up
Home Finance Finance Resources Finance Formula Range Formula
 

Range Formula

Madhuri Thakur
Article byMadhuri Thakur

Updated July 29, 2023

Range Formula

 

 

Range Formula (Table of Contents)
  • Range Formula
  • Examples of Range Formula (With Excel Template)
  • Range Formula Calculator

Range Formula

The range formula is the formula which is primarily used by mathematicians and statisticians in order to determine the range of a given data set.

It is used to determining the center of the data set and how varied the data set is from the center of the data. It helps the user to understand the key features and the characteristics of the data set. The other important measures to calculate the characteristics of the data set is the mean, median and the mode and the mid-range the midrange formula is somewhat similar to the range formula which is used in the data set. There are different and variety of methods to calculate the range of the data set but the simplest and the easiest way to calculate the data set character is the range formula.

Watch our Demo Courses and Videos

Valuation, Hadoop, Excel, Mobile Apps, Web Development & many more.

It is simple and easy to compute as it is simply the subtraction of the maximum value of the data present in the data set to the minimum value of the data present in the data set.

So the formula of range can be defined as :

Range = Maximum Value – Minimum Value

Examples of Range Formula (With Excel Template)

Let’s take an example to understand the calculation of Range in a better manner.

You can download this Range Formula Excel Template here – Range Formula Excel Template

Example #1

The function’s rule assigns a small drink to $1.50, a medium drink to $2.50, and a large drink to $3.50. The inputs are the drink size, and the outputs are the drink price. Therefore, the range for this function is the set of all outputs, or {$1.50, $2.50, $3.50).

Range Formula Example 1

Solution:

Now we need to find the range of the given function and how spread the data set is.

A range of a given function can be calculated with the help of the following steps:-

First, we need to find what is the maximum value in the data set. Maximum Value in the data set is calculated as

Maximum Value 1

Then we need to find what is the minimum value in the data set. Minimum Value in the data set is calculated as

Minimum Value 1

A range is calculated using the formula given below

Range = Maximum Value – Minimum Value

Range Formula Example 1

  • Range = $3.50 – $1.50
  • Range = $2

Example #2

Consider the set of the following data that is (1,2,3,4,5,6,7,8). We need to find the range of the given data set.

Range Formula Example 2

Solution:

A range of a given function can be calculated with the help of the following steps:-

First, we need to find what is the maximum value in the data set. Maximum Value in the data set is calculated as

Maximum Value 2

Then we need to find what is the minimum value in the data set. Minimum Value in the data set is calculated as

Minimum Value 2

A range is calculated using the formula given below

Range = Maximum Value – Minimum Value

Range Formula Example 2

  • Range = 8 – 1
  • Range = 7

Example #3

Mr. X. took 8 tests in geography in one semester. The scores of his test are 81, 92, 94, 95, 73, 68, 79, 80. What is the range of her test scores?

Range Formula Example 3

Solution:

A range of a given function can be calculated with the help of the following steps:-

First, we need to find what is the maximum value in the data set. Maximum Value in the data set is calculated as

Maximum Value 3

Then we need to find what is the minimum value in the data set. Minimum Value in the data set is calculated as

Minimum Value 3

A range is calculated using the formula given below

Range = Maximum Value – Minimum Value

Range Formula Example 3

  • Range = 95 – 68
  • Range = 27

Relevance and Uses

The relevance and the application of the range formula are given below:-

  • It gives the user a basic understanding of how to spread the data set is and how to spread out the numbers in the data set which is generally easy to compute and calculate through this formula. But there are also a few other applications of the range of a data set in statistics.
  • The range is a fundamental formula and it is easy to compute when the formula is compared with complex stats formulas like the standard deviation which is difficult to calculate.

Range Formula Calculator

You can use the following Range Calculator

Maximum Value
Minimum Value
Range Formula
 

Range Formula = Maximum Value – Minimum Value
= 0 – 0
= 0

Recommended Articles

This has been a guide to Range Formula. Here we discuss how to calculate Range along with practical examples. We also provide a Range calculator with downloadable excel template. You may also look at the following articles to learn more –

  1. Guide to PEG Ratio Formula
  2. Formula for Average Rate of Return
  3. Calculator for Sustainable Growth Rate Formula
  4. Best Examples of Net Debt Formula

Primary Sidebar

Footer

Follow us!
  • EDUCBA FacebookEDUCBA TwitterEDUCBA LinkedINEDUCBA Instagram
  • EDUCBA YoutubeEDUCBA CourseraEDUCBA Udemy
APPS
EDUCBA Android AppEDUCBA iOS App
Blog
  • Blog
  • Free Tutorials
  • About us
  • Contact us
  • Log in
Courses
  • Enterprise Solutions
  • Free Courses
  • Explore Programs
  • All Courses
  • All in One Bundles
  • Sign up
Email
  • [email protected]

ISO 10004:2018 & ISO 9001:2015 Certified

© 2025 - EDUCBA. ALL RIGHTS RESERVED. THE CERTIFICATION NAMES ARE THE TRADEMARKS OF THEIR RESPECTIVE OWNERS.

EDUCBA

*Please provide your correct email id. Login details for this Free course will be emailed to you
Loading . . .
Quiz
Question:

Answer:

Quiz Result
Total QuestionsCorrect AnswersWrong AnswersPercentage

Explore 1000+ varieties of Mock tests View more

EDUCBA

*Please provide your correct email id. Login details for this Free course will be emailed to you
EDUCBA
Free Investment Banking Course

Corporate Valuation, Investment Banking, Accounting, CFA Calculator & others

By continuing above step, you agree to our Terms of Use and Privacy Policy.
*Please provide your correct email id. Login details for this Free course will be emailed to you
EDUCBA

*Please provide your correct email id. Login details for this Free course will be emailed to you

EDUCBA

Download Range Formula Excel Template

EDUCBA Login

Forgot Password?

EDUCBA

डाउनलोड Range Formula Excel Template

🚀 Limited Time Offer! - 🎁 ENROLL NOW