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In statistics, ranking is the data transformation in which numerical or ordinal values are replaced by their rank when the data are sorted.. For example, if the numerical data 3.4, 5.1, 2.6, 7.3 are observed, the ranks of these data items would be 2, 3, 1 and 4 respectively.
[1]: 2 These data exist on an ordinal scale, one of four levels of measurement described by S. S. Stevens in 1946. The ordinal scale is distinguished from the nominal scale by having a ranking. [2] It also differs from the interval scale and ratio scale by not having category widths that represent equal increments of the underlying attribute. [3]
As another example, the ordinal data hot, cold, warm would be replaced by 3, 1, 2. In these examples, the ranks are assigned to values in ascending order, although descending ranks can also be used. Ranks are related to the indexed list of order statistics, which consists of the original dataset rearranged into ascending order.
Ordinal regression turns up often in the social sciences, for example in the modeling of human levels of preference (on a scale from, say, 1–5 for "very poor" through "excellent"), as well as in information retrieval. In machine learning, ordinal regression may also be called ranking learning. [3] [a]
The ordinal scale places events in order, but there is no attempt to make the intervals of the scale equal in terms of some rule. Rank orders represent ordinal scales and are frequently used in research relating to qualitative phenomena. A student's rank in his graduation class involves the use of an ordinal scale.
An example of a composite measure is an IQ test, which gives a single score based on a series of responses to various questions. Three common composite measures include: indexes - measures that summarize and rank specific observations, usually on the ordinal scale ; [ 1 ]
Data source: Motley Fool Money. Keep in mind that this ranking is based on the rates for minimum coverage. And minimum coverage requirements can vary from state to state, so some drivers may be ...
These are usually ordered wins–draws–losses. If there are more than two competitors per match, points may be ordinal—for example, 3 for first, 2 for second, 1 for third. An extreme example of this is Formula One, where the top ten racers in each Grand Prix are given 25, 18, 15, 12, 10, 8, 6, 4, 2 and 1 respectively.