Today, you can use Excel along with many other statistical software packages. Let’s learn more about NORMSINV, what it tells you, and how you can use it for statistical analysis.

Open Microsoft Excel and list your observed data points in column A. Enter "=COUNTIF (A:A,A1)/COUNTA (A:A)" without quotes in cell B1. Click and drag the lower right corner of cell B1 down to the ...

Classical probability theory assumes an equal likelihood for all outcomes. For example, if you were to flip a coin, there's an equal change of it landing on "heads" or "tails." Microsoft Excel ...