The PROB FunctionĮxcel has a built-in function dedicated to calculating probabilities called PROB. Now that we understand what probability means let’s dive into how to calculate it using Excel. It’s usually expressed as a ratio or percentage and ranges from 0 to 1, where 0 means that an event is impossible, and 1 indicates that an event is a certainty. Probability is a measure of the likelihood or chance that a specific event will occur.
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