Your assumption that the density cannot exceed 1 is incorrect. To see this
easily, note that almost all of the cumulative area is contained within
mean+/-3*SD, which in your case is a region that is only 0.48 wide; therefore
for that area to approach 1, the height must exceed 1 in at least part of
that region.

Alternately, you can calculate it directly for yourself from the definition
of the normal pdf
=exp(-(((4.92-4.94)/0.08)^2)/2)/sqrt(2*pi())/0.08
Note that the extra parentheses immediately following the minus sign in the
exp() function are required, because Excel follows a non-standard convention
where unary negation is higher in priority than exponentiation.

Jerry

"Kevin" wrote:

Should I be concerned that NORMDIST(4.92, 4.94, 0.08, FALSE) returns
4.83? This should be the noncumulative (density, mass) function
associated with the normal distribution. Surely it cannot exceed 1
because the entire area under the curve cannot exceed 1, by definition
of probability distribution. The related NORMSDIST problem:
NORMSDIST(-0.25, 0, 1, FALSE) returns 0.3866, which seems reasonable.

Can someone please reconcile the answers, or explain why Excel allows
probability distributions to have values greater than one?

Thank you.