I am new to data mining and I am exploring ways to divide a range of data into bins. It would be much easier to search for the algorithms if I knew the scientific term for this job (ranking maybe?). Here is what I desire:
I have a data within a defined range, i.e. [min, max]. I know the first order statistics of the data like mean, variance, median, etc. I also plotted a histogram of it.
My situation is somehow similar to assigning letter grades to students after an exam by examining the distribution of the overall exam grades. I want to have grades for the data from 1 to 5, with the first bin containing the smallest data values and 5 containing the highest values.
I could do it uniformly by dividing my data range into 5 equal pieces but that won't be satisfactory. I would like to do this by inspecting my data distribution. I will appreciate if you could suggest me some known algorithms to do that.