I have a column which has 5 unique categories. There's a hierarchy between these categories (Best > good > OK/Not Sure > Bad > Worst)
In this case, should I label them based on hierarchy like:
Best: 4 good: 3 OK/Not Sure: 2 Bad: 1 Worst: 0
Or should I perform one-hot encoding/Dummy encoding? What's the intuition behind how the model perceives the two things?
Note: I should also mention that this is for predictive modeling using Logistic Regression.