Range and mean absolute deviation are used for measuring dispersion. The range gives us an idea of how far from each other the two values are, while the mean absolute deviation significantly improves the range calculation, as it takes into consideration the distance from the mean. It is applied by subtracting the minimum value in a given data set from the maximum value.
Some other related topics you might be interested to explore are Mean, Variance and Standard deviation.
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Range and Mean Absolute Deviation are among the topics included in the Quantitative Methods module of the CFA Level 1 Curriculum.
