To find the difference between maximum and minimum stock prices for a company over a week, which statistical technique is used?
- Range
- Mode
- Mean
- Median
The Correct Option is A
Approach Solution - 1
To determine the spread of a data set, particularly the difference between the maximum and minimum values, the statistical technique used is called the "Range." The range is a measure of dispersion that shows the extent of variation in the data set.
The range is calculated using the formula: Range = Maximum Value - Minimum Value.
In the context of stock prices for a company over a week, calculating the range provides the spread of stock prices in that period. This information helps in understanding the volatility or consistency of the stock's performance.
| Option | Description |
|---|---|
| Range | Measures the difference between the maximum and minimum values |
| Mode | Identifies the most frequently occurring value |
| Mean | Calculates the average of all values |
| Median | Finds the middle value when data is ordered |
Given the context of the question, the correct statistical technique to find the difference between maximum and minimum stock prices is the Range.
Approach Solution -2
The statistical technique to find the difference between maximum and minimum share prices is Range.
(1) Range: The range is the difference between the maximum and minimum values in a dataset. It directly answers the question of finding the difference between the maximum and minimum share prices.
(2) Mode: The mode is the most frequently occurring value. It wouldn't help find the difference between the maximum and minimum share prices.
(3) Mean: The mean is the average value. It provides a central tendency but doesn't directly indicate the difference between extremes.
(4) Median: The median is the middle value when the data is sorted. It doesn't help find the difference between the maximum and minimum share prices.
Therefore, the statistical technique that can be used is (1) Range.
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