Given a probability of each person attending an event, how do you derive the projected attendance?
I have a list of people that are invited to an event. I have assigned a probability of attendance to each person (from 0 to 1). My table compares each probability of attendance to the value derived using the Excel random number formula. If the probability of attending is equal to or greater than the random number, I have an "If" formula that evaluates to "1", otherwise the "If" formula evaluates to "0".
I created visual basic code to recalculate the spreadsheet a set number of times (say 1,000) and to store the total attendance projection of each recalculation of the random number in a column. I then average the column of results and use this as my projection of attendance.
How do I do this in Excel using formulas instead of visual basic?