A data analyst is reviewing a dataset of product delivery times. To understand the dataset's spread, the analyst first needs to identify the lower boundary of the range. Which of the following descriptive statistics represents this value?
The minimum (Min) value is the smallest data point in a dataset and represents the lower boundary of that set's range. The mean is the average value, the median is the middle value, and the mode is the most frequently occurring value; none of these specifically identify the lowest boundary point.
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What is the definition of range in a dataset?
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Why is the minimum value important when analyzing data?
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How is the minimum value different from other descriptive statistics like the mean or median?