Which statement regarding the RANK function is true?

The RANK function is a statistical function used in data analysis to assign ranks to a set of values. The correct statement is that it will skip ranks for ties in values. This means that if two or more values are the same and they are ranked, they will receive the same rank, and the subsequent rank(s) will be skipped. For example, if two values are tied for first place, both would receive a rank of 1, and the next value would receive a rank of 3 instead of 2. This behavior allows for accurate representation of data where multiple entries share the same value.

The other statements do not accurately describe the function's behavior. The RANK function does not assign unique ranks when values are equal; instead, it assigns the same rank to tied values. Additionally, the applicability of the RANK function is not limited to any specific type of data, such as sales data; it can be used with any numerical dataset for ranking purposes. This versatility is one of the reasons it is widely utilized in various analytical contexts.