Edit: This post got really long. This is a defense and explanation of what Ranking is, why I did it that way, and how you should interpret it when you look at my spreadsheet.
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You put an arbitrary value on +heal (0.455), spellhaste (1) and stamina (0.66).
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Those values are not arbitrary. Those are stat values used in calculating item level. I did not use the powers formula for calculating item value, but instead took a flat value comparison. (If I took the actual iLevel, it would be unnecessarily complex; taking a flat ranking will show two-stat items for their true "value" compared to four-stat items.) Check
here for details. Go back and read my FAQ; the "Ranking" stat is NOT meant as a hard-line indicator of an item's value. It is primarily to order the items roughly in terms of their value to healing shamans. Individual differences between items need to be gauged by hand by looking at the four derived stats.
Likewise, 10 Minute Mana does not have an arbitrary worth. As I said in the FAQ (again, please go read it), I took the 10 Minute Mana stat and weighted it as though it were entirely made of MP5. Basically this means that the "Ranking" stat does away with Int entirely; Int is converted to MP5 based on how long the fight is supposed to last as indicated in the Control tab (also taking tides into account).
I think you're misunderstanding the intention of the "Ranking" stat. It is a quasi-arbitrary number that closely mirrors the way item level is actually calculated. I flagged as "Important" in my FAQ above that you should NOT look at Ranking exclusively when comparing gear. The four derived stats are the true intention of that spreadsheet.
Why include Ranking at all? Sorting. Item level is not arbitration; it's a core functionality of the game and determines which bosses drop specific loot. If I did *not* provide a stat that approximates item level ranking, then most people who use the spreadsheet seriously would have to *create* one in order to figure out approximately what value to put on items. I will not give you a dynamic formula to create your own rankings, because something like "Heal Equivalent Points" is a rather ludicrous concept. You choose items based on their uses; one might be fast, one might give you a lot of mana, one might spike your healing, and one might give you the health needed to endure certain fights. THOSE are the real rankings, and the variables they represent are fully independent and each have to be considered. The "Ranking" stat simply brings those values together for the purpose of sorting.
Another purpose of ranking (as opposed to item level) is to be able to provide a place in the chart for items that have Spirit, Spell Crit, or Resilience on them, without actually taking those values into consideration, insofar as they don't affect the four derived stats (as Spirit does a little because of the priest buff). When these items are present, the "Ranking" stat will be lower than would be normal for the item level, due to the stat being counted as zero (or near zero in the case of Spirit). Furthermore, item level values take each stat to a power (1.5 is the suspected value), add them, and then take the inverse power (.66). This means that items with only two stats (such as the
[Emberspur Talisman]) is a lot more "expensive" in item level because it's two high stats instead of four more evenly distributed stats. Ranking does away with that entirely; taking each stat as a flat value will smooth out those spikes and allow for a more neutral comparison.
What you're left with, regarding Ranking, is a list that from top to bottom closely mirrors the progression chart of the game. The top of the chart is Sunwell, then BT/Hyjal, then SSC/TK, then tier 4 content. Places where they don't match up are where you need to get a "shaman worth value" of an item that isn't meant for the class (such as resto druid gear), or for loot that doesn't precisely match a tier (such as badge loot, *some* crafted items, and PVP gear). As an added benefit, the chart can be automatically updated within minutes the moment Wowhead refreshes live data.
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Why should we use your spreadsheet instead of using Loot Rank with our own values for all stats?
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Loot Rank is dumb. (I don't use it, but I'm assuming it gives you a raw value based on your own rankings of stats.) Let's say I'm about to do a long, looooooong fight. I have
[Stainless Cloak of the Pure Hearted] and
[Cloak of Ancient Rituals] in my inventory. If I blindly equipped stuff because Loot Rank told me to, then I'd equip the Cloak, right? By formula, it's more valuable. Hell, it comes from ZA, and the first one comes from Kara! Obviously the second is better.
This is a rather extreme example, because you can see that the stainless cloak has mp5 on it. The purpose of my spreadsheet is to show you how *much* of a mana advantage you'll get (a whopping 1500 mana over 10 min) for how much healing you lose (3 healing and 25 haste rating). You didn't pick up a calculator to see that; it's right there on the sheet. THAT is precise evidence, none of this "well, I got this in ZA, and that cloak *only* has 7 mp5...". Also, you get perspective on comparisons like that one; seeing all the gear shows you just how many pieces give you a higher 10MM than the regen piece you're looking at.
Another example that's relevant to me: I have
[Gloves of Centering] as one of my few remaining kara pieces. I still use them and never bothered to get the tier4 gloves because we always have alts in our Kara badge runs and I don't really need them. Also, I never wanted to spend the badges on
[Polished Waterscale Gloves] because I didn't consider more mp5 and LESS healing a very significant upgrade. (Pure +Healing is, after all, the epeen stat that transcends class.) However, I can see now that it gives me almost 1k more mana, 80 more health (every little bit helps), and only drops healing by 14. Furthermore, only two other pieces in the game (
[Gloves of Unfailing Faith] and
[Gauntlets of the Ancient Frostwolf]) have a higher 10MM, and both of those are currently prohibitive. Definitely worth buying the badge gloves to go into my regen set.
My comparison sheet:
Let me upload my current comparison sheet that I was hunched over last night. My raid group is in late Tier 5 content, and working on Kael to break into Tier 6 content. For the sheet, I changed a few values to account for socket bonuses (something that I will be including in a future version). The pieces I have are "outlined", the pieces I am currently targeting are in bold.
http://www.nexusarcanus.net/wow/sham...8_personal.ods