The document discusses Spearman's rank correlation coefficient, a nonparametric measure of statistical dependence between two variables. It assumes values between -1 and 1, with -1 indicating a perfect negative correlation and 1 a perfect positive correlation. The steps involve converting values to ranks, calculating the differences between ranks, and determining if there is a statistically significant correlation based on the test statistic and critical values. An example calculates Spearman's rho using rankings of cricket teams in test and one day international matches.