Which function is used with the transaction command to set the maximum total time between earliest and latest events?

The function used with the transaction command to set the maximum total time between the earliest and latest events is indeed "maxspan." This parameter allows you to define the allowable time span for events to be grouped together into a single transaction. If the time difference between these events exceeds the specified value, those events will not be included in the same transaction.

Understanding the role of maxspan is crucial for effectively managing event transactions in Splunk. By setting this limit, you can control how transactions are defined based on the time continuity of the events. This helps in ensuring that only relevant events that are closely related in time are processed together, which can significantly impact the analysis and reporting capabilities when dealing with large sets of data.

The other options, while related to different aspects of event management and manipulation in Splunk, do not specifically define the maximum duration between the earliest and latest event in a transaction.