Assigning RANKs to numbers in a list

RANK function, assigns a rank based on the size of a number compared to other numbers in a list.

The syntax for RANK function is:

= RANK ( number, ref, [order] )

Number - Cell reference of the number to be ranked.
Ref - Range of cells to use in ranking the number.
Order - Whether the number is ranked in ASCENDING or DESCENDING order.

Type "0" (zero) to rank in descending order (largest to smallest). 
Type "1" (one) to rank in ascending order (smallest to largest).

Example: Using RANK Function

1. Data table contains names (B4:B13) and scores (C4:C13) of 10 students
2. Enter the rank function in cell D4 
3. Drag select cells C4 to C13 in the spreadsheet to enter the range into the dialog box.
4. In [order] in the dialog box, type 0 (zero) to rank the number in descending order.

Note: Lock the function while dragging it through Column D so that the ref range does not get dragged along. Use $ for the same. Example : =RANK(C5,$C$4:$C$13,0). 
One can either type $ each time before C, 4, C & 5 or use F4 key before C4 and C13 to insert $