What is the importance and benefit of ranking statistical data?
Ranking is the sorting of data, in ascending or descending order.
Common uses of ranking are as follows:
Geopolitical: ranking of countries according to population, resources, GNP, etc.
Sports: Ranking of players and teams
Olympic: Ranking of athletes and countries by number of gold, silver or bronze medals
Search-engine: Ranking by relevance
Statistics: Ranking to facilitate statistical manipulation/interpretation of data
The ranking in each of the above categories is done according to a universally agreed-upon formula.
In Statistics, ranking is done by sorting ordinal numbers or values in ascending or descending order. The ordinal value of each number is then replaced by its rank. The rank number is used in the statistical calculation. The statistical methods that use ranking do not work for raw data that have not been ranked, and use of unranked numbers would create error.
Example of Statistical Ranking (descending order):
Ordinal Numbers/Values: 2.35, 3.24, 1.79, 5.23, 5.21, 2.75
Rank Number: 5 3 6 1 2 4
Please see the reference for examples of the many types of ranking (not just for Statistics), and explanations of the various methods.
ranking of data gives us information about the order of the data. Ranked data is easy to understand and provides lot of information in one glance. Ranking od data under special heads proves to be useful especially when a person runs with shortage of time as they give quick and detailed information. moreover, it is necessary from statistical point of view also.