Final answer:
The range of a dataset is the difference between the maximum and minimum values, while the Interquartile Range (IQR) is the difference between the third and first quartiles, representing the spread of the middle 50 percent of the data.
Step-by-step explanation:
The range of a dataset is the difference between the maximum and minimum values within that dataset. To calculate the range, you would subtract the smallest value from the largest one. For example, if given a dataset with a maximum value of 100 and a minimum value of 75, the range would be 25 (100 - 75).
The Interquartile Range (IQR), on the other hand, measures the spread of the middle 50 percent of data. It is found by calculating the difference between the third quartile (Q3) and the first quartile (Q1). For instance, if Q3 is 92 and Q1 is 80, then the IQR would be 12 (92 - 80).
Interpreting the range and IQR provides insights into the variability of the data. A small range means the data points are closely packed together, whereas a large range indicates wider variability. The IQR gives an idea of the spread of the middle half of the data, reducing the impact of outliers or extreme values.