Step 1: Understanding the Concept:
The range is the simplest measure of dispersion in a data set. It represents the total spread between the smallest and the largest values.
Step 2: Key Formula or Approach:
\[ \text{Range} = \text{Maximum Value} - \text{Minimum Value} \]
Step 3: Detailed Explanation:
In the given data set $\{5, 10, 15, 20\}$:
1. The Maximum (largest) value is 20.
2. The Minimum (smallest) value is 5.
3. Calculation:
\[ \text{Range} = 20 - 5 = 15 \]
Step 4: Final Answer:
The range of the data is 15.