The `MIN()` and `MAX()` functions are essential tools in SQL for data analysis. They allow you to quickly determine the minimum and maximum values within a particular column of a table. These functions are aggregate functions, meaning they operate on a group of rows to produce a single result. For instance, you might want to find the oldest or newest record in a customer database, the lowest or highest price for a product, or the smallest or largest order amount. These functions are particularly useful when working with numerical data, but they can also be applied to other data types, like dates, depending on the specific database system. They are often used in conjunction with `GROUP BY` clauses to find the minimum or maximum within different groups of data. For example, you could find the oldest customer in each region by combining `MIN()` with `GROUP BY`.