Is it right to take average for ordinal numbers? Say for example, ranks for 1,2,3,4 and 5. Is it right to say that my average rank is (1+2+3+4+5)/5 = 3 ??
My answer will be No, as you know that ordinal numbers are not on the same scale. This means that difference b/w 1 & 2 is not same as difference b/w 4 & 5. So taking means of these values will only bias the result.
What I will suggest is to try to find weights around these numbers by using data such that after multiplying those weights these ordinal numbers comes on sale scale and then take the mean.
Hope this helps.
Thanks a lot Aayush.