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Calculate simple probabilities

Calculate simple probabilities - Microsoft Excel Tutorial

From the course: Learning Excel: Data Analysis

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Calculate simple probabilities

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- [Instructor] One thing you can do in Microsoft Excel when analyzing business scenarios is calculate the probability that something will happen. In this movie, I will give you a quick review of how to calculate simple probabilities. In this table, I have a description of an outcome and then also the probabilities and odds that it will or will not happen. To start, if you want to know the probability of rolling a three on a six-sided die, so in other words, you have one chance out of six, then you would divide one by six to get 16.67% of success. You can also think of that outcome in terms of odds where you have five ways not to roll a three, one way to do it, so your odds are five to one against. In the alternative, let's say that you don't want to roll a three on a six sided die. So one, two, four, five or six would be good, a three would not. In that case, you have five out of six chances of succeeding, that is not rolling a three. So the probability of success is 83.33%, and you…

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