Discuss the importance of normalization in floating-point representation and how it affects the precision and range of representable numbers.

Normalization ensures that the mantissa in floating-point representation is adjusted so that its leading digit is non-zero, maximizing precision. This process standardizes the format, allowing for consistent interpretation and comparison of floating-point numbers. It affects the precision by utilizing available bits effectively and influences the range by adjusting the exponent appropriately, enabling a broad representation of values.