This report consists of two volumes, the first takes an in-depth look at the various graduation indicators, with a description of the computational formulas, the data required for each indicator, the assumptions underlying each formula, the strengths and weaknesses of each indicator, and a consideration of the conditions under which each indicator does or does not work. This second volume of the report is more technical in nature. The analysis presented in this volume provided the technical basis that Department policymakers used to identify an interim graduation indicator. Thus, using the information from Volume 1 as a backdrop, Volume 2 uses the best available national and state data to provide estimates of the various indicators. While this provides some basis for drawing comparisons across the indicators, the comparative analysis relies most heavily on student record data from two individual states. The state data represent the universe of students enrolled in public schools in each state over a sufficient number of years to compute the true cohort rate. The NISS panel recommended the true cohort rate as the only rate that will yield an accurate on-time graduation rate. The true cohort rate is thus used as the "gold standard" for a comparison of the performance of the various graduation indicators for the two individual states. The analysis of the state student record data then served as a basis for a related analysis of proxy graduation indicators computed for all 50 states and the District of Columbia at the national and state levels using NCES Common Core of Data. Appended are: (1) Notes Regarding Analyses of Student-Tracking Systems in Two States; and (2) Analysis of Change Component of Greene Graduation Indicator. (Contains 31 tables, 19 figures, and 24 footnotes.) [For Volume 1, see ED493141.]