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Ranking vs Rating

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Ranking is the process of ordering things from 1st to last. A strict ranking doesn't allow things to be considered equal. For example, Olympic medals are gold, silver and bronze with no possibility of ties at each level. A rating system is more flexible and allows you to rate things at the same level. For example, a customer can rate multiple hotels as being 3 stars.
The choice between ranking and rating systems greatly impacts outcomes. For example, if you prioritize project requirements with a rating system, it is common for all requirements to be rated top priority. A strict ranking is far stronger and forces decision makers to make tradeoffs that place priorities in order.
Overview: Ranking vs Rating
Ranking Definition
Placing things in order with the possibility of ties.
Strict Ranking Definition
Placing things in order with no possibility of ties.
Rating Definition
Evaluating things according to a defined scale.
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