Is there any relation between page rank & serp ranking?

Selected answers from the Dumb SEO Questions Facebook & G+ community.

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  R.Gopi Krishna: hello people this time my doubt is on page rank & serp: key word is - famous places in italy  ;: my webpage is http://www dot touristtiger dot com/famous-places-in-italy/.  ;Till last week this webpage ranked 3rd place in global search (.com) with page rank of N / A  ;but suddenly the page has gone to 8 or 9th position with page rank of 0. What should be the reason. is there any relation between page rank & serp ranking. .( Note : but in local search ( co.in) the page ranks in 3rd position)  ;Also as an experienced &  ;expert panel  ;pls try to explain future of page rank to novice like me.
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  RACHIT GUPTA: local search is always be different from global. First deciede where you would like to target the audience. As famous place in itly hopefully need to target globally because any one interested to search who have interest to go there or plan to go or just for general. Page rank is also one of the ranking factor. So, always consider when SERP's ranking gives your keyword ranking according to searches.@rachitseo
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  Patrick Rabanser: There is probably no relation in the PR that you see in the Toolbar and your loss of Rankings!
  Google ;usually ;updates "Real" Pagerank multiple times a day, but we can't access that data!
  PR (probably) is ;responsible ;for less then 5% of SERP so unless you are rally serious about SEO you shouldn't worry too much about PR. (Others might disagree on that)!
  The positions always change, but anyway check Webmaster tools and see if you got any warnings or your site has issues.
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  Edwin Jonk: From the expert panel in this weeks SEO Questions hangout on air on 02:12:31 into the YouTube video: https://dumbseoquestions.com/q/is_there_any_relation_between_page_rank_serp_ranking