The process of creating different rankings around the world can vary depending on the specifics of the ranking and the organization responsible for publishing it. In general, however, the process may involve the following steps:
Determining the purpose of the ranking
The first step is to determine what purpose the ranking is intended to fulfill. Is it to assess the size, performance, popularity or other characteristic of a particular ranking subject?
Selecting the evaluation criteria
Next, ranking organizers must choose the appropriate criteria against which ranking objects will be evaluated. For example, in the case of ranking banks, the criteria may be assets, profits, market capitalization, etc.
The ranking organizers must collect data on the ranking objects. They can use a variety of sources, such as financial reports, statements, public data, surveys or research.
Data collection is followed by data analysis and evaluation. Ranking organizers may use various methods of analysis, such as using indicators, weighting criteria, statistical modeling, etc.
Assigning points or ranks
Based on the analysis of the data, ranking organizers assign points or give ranks to ranking sites depending on their performance in each criterion.
Ranking organizers try to verify and validate the collected data and analysis methods to make sure the results are reliable and objective. They may conduct audits or use industry experts to evaluate the results.
Publication of the rankings
After analysis and verification, ranking organizers publish the results. They may do this in the form of reports, lists, articles, websites or other media.
It is important to keep in mind that the ranking process can be complex and vary depending on the specifics of a particular ranking. Organizers try to follow best practices to ensure objectivity, reliability and credibility of the results, but of course, the results of rankings can be subject to discussion and controversy.
After assigning points or assigning ranks, ranking organizers may conduct a comparative analysis of the results. They can compare ranking objects with each other, juxtapose various indicators, create subgroup rankings, etc. This analysis allows a better understanding of the differences and similarities between ranking objects.
In some cases, especially in rankings of complex industries or fields, organizers may use experts, specialists in a particular field, to evaluate and interpret the results. Expertise can bring additional knowledge and context to the evaluation and interpretation of data.
Assessing data quality
Ranking organizers must also assess the quality of the data collected. They can check for completeness, accuracy, timeliness and consistency. If the data is incomplete, inaccurate or unreliable, they can take steps to obtain more reliable information or adjust the results based on the available data.
Consideration of context
Rankings are made in a specific context, so it is important to take this into account when analyzing and interpreting the results. Ranking organizers may take into account external factors such as the economic situation, regional differences, market trends, regulations, etc., which may affect the results and their interpretation.
Update and track changes
Rankings are often published regularly, and organizers try to track changes over time. They may do this by publishing new editions of the rankings every certain period or by providing updates online. It is important to monitor changes in the rankings and take into account the latest data and industry trends.
These additional points describe some essential aspects of the ranking process that relate to analysis, data evaluation, expertise and context. Of course, the process can be more detailed and complex depending on the type and scale of the ranking.
It is important for ranking organizers to ensure transparency about the methodology and ranking process. They should make available information about the evaluation criteria, how the data was collected, how it was analyzed, how points or ranks were assigned, as well as any other relevant factors that affect the ranking results. Transparency helps increase confidence in the results and allows users to make their own assessment.
Consideration of user feedback
Ranking organizers can take into account the opinions and comments of users who use the ranking results. They can collect feedback, conduct surveys or hold meetings with users to evaluate the usability of the ranking and make possible improvements.