This video discusses calculating rank correlation coefficients between two data sets. It explains how to calculate ranks when values are repeated or not repeated, and uses Spearman's formula to determine the correlation coefficient. Three example problems are worked through: finding the rank correlation between two students' exam scores, correcting a mistake in calculated rank differences, and interpreting the result of rank correlation between two assessments. The key steps are assigning ranks, determining differences between ranks, and applying Spearman's formula to quantify the correlation between the two variables.