If there is no upper limit, the PROB function returns the probability of being equal to the lower limit only. Calculate the probability without upper limit Entering the probability formulaĪs a result, the probability in cell C11 is 0.68 or 68%, which is the probability that product sales is between 50 and 80. Where B4:B7 is the range containing the values for product sales, C4:C7 contains the probabilities for each sales quantity, C9 is the lower limit of 50 while C10 is the upper limit of 80.įigure 3. To perform the calculation, we enter this formula in cell C11 We want to calculate the probability that a product sales is between 50 and 80. Otherwise, the PROB function returns the #NUM! error.įigure 2. The sum of all probabilities should be equal to 100. Prepare our dataīelow table contains a list of Product Sales and their corresponding probabilities. In order to obtain reliable probability results, we should be able to prepare the data prior to calculation. upper_limit – optional the upper limit of the values for which we want to calculate the probability.lower_limit – optional the lower limit of the values for which we want to calculate the probability.prob_range – the range of probabilities for each corresponding value in our range.range – the range of numeric values containing our data.Final result: Calculate Probability Syntax of PROB Excel has a built-in formula to calculate probability through the PROB function.įigure 1. It is measured through the ratio of favorable events to the total number of possible cases. Probability is defined as the likelihood for which an event is probable, or likely to happen.
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How to calculate probability in Excel – Excelchat