Calculating Probabilities
You can use a pivot table. Say your raw data is two columns, the name of the
retiree and the age at retirement. For example:
age
60
59
58
56
60
55
59
60
57
56
55
Generate a pivot table showing Count of age by age. Will look like this:
Count of age
age Total
55 2
56 2
57 1
58 1
59 2
60 3
Grand Total 11
The probability of retiring on or before the age of 58 is:
(2+2+1+1)/11
or
0.545454545
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Gary''s Student - gsnu200771
"Daisy" wrote:
I need to calculate the probability that someone will retire at a certain age
based on 4 years of historical data, but I am not sure how to do this in
Excel. I would also like to be able to factor in years of service and/or
department. Is there a formula I can use to do this calculation or do I need
something more complex?
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