Source: Warhammer Fantasy: 5th Edition

Points
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Each type of creature is judged to be worth a fixed number of points, in the case of a man this is 5 points, an Elf is 8, a Dwarf 8, a Goblin 2 ½ and so on. Cavalry models are worth more points because they are faster and more deadly, especially if the mount can fight as well. The chart above on the right gives further examples.

Heroes and wizards of each race are also given a points value. This is greater than an ordinary member of their race as you might imagine. A Human Champion is 30 points for example, whilst a Hero is 65 and a Lord 100. Further examples are included on the charts.

Each warrior's value must also take account of his weapons and armour, as well as any magic items he carries, and so on. Every warrior's points cost includes a sword or other suitable hand weapon for free, but other weapons must be paid for. For example a spear costs 1 point, a shield 1 point, and a bow 2 points. Further examples are included on the charts. Some very weak warriors, such as Goblins, can buy their weapons more cheaply because they are relatively less effective.

Next - Common Races of the Warhammer World