Perspective:When Data are Ranks-Analysis of Rank Data

In many real life situations respondents are asked to rank order a set of items based on their preferences. This can happen in selection interviews where a set of candidates have to be rank ordered (say, from best to worst) regarding their suitability for a job or position or in boardroom discussions where different alternative investment proposals have to be ranked based on their risk-reward profiles. In many market research studies respondents are asked to rank order a set of items with respect to their possibility of buying them. Thus rank data occur quite commonly in our daily life.