Although, calculating rank dynamically is often useful, It is not rare to need to do ranking on a pre-calculated basis. Let’s say, for example, you want to create an aggregated table by customers and year. and you want to rank customers based on their sales amount in that table. the period and other factors are remaining static. This pre-calculated aggregated table can speed up the performance of your report significantly in the future. In a case like this, the rank calculation can be done as a pre-calculation. And when you do this as a pre-calculation, Power Query is a useful option. Because then you can do that even in a Dataflow, and the result can be used in multiple Power BI datasets.
Click through to see how you can do it, as well as what Power Query calls its equivalents to ROW_NUMBER(), RANK(), and DENSE_RANK().