NORMSINV is an Excel function used along with normal distributions. It allows you to conduct calculations faster and with more precision than by doing them by hand. Further, you can use NORMDIST ...

In Excel, this can be achieved by using the NORM.INV function. This function requires the probability of an event occurring, mean, and standard deviation.

Conditional probability is the likelihood of an event occurring based on the occurrence of an earlier event. The second event is dependent on the first event.

Compound probability is a mathematical term relating to the likeliness of two independent events occurring.