I'm no expert in PowerPivot yet, but from my short time with Rob Collie's book, I think you could use CALCULATE with your IF as a filter.
"=CALCULATE(COUNTROWS(table), table[Scheduled Utilization] < .86)" Should return all the rows in your table that have <.86.
Then just set your pivot up however you want.
I'm fairly disappointed that nobody has mentioned PowerPivot (link: http://www.microsoft.com/en-us/bi/powerpivot.aspx); it's a free plugin for Excel that basically acts as an intermediary between the database and you. Great features that are designed for number crunching in marketing, easily powers out data analysis on millions of rows and integrates beautifully with the charts/etc.
- A little SQL knowledge won't hurt, but this is definitely better suited for the type of job you are describing. If you are interested there is a $10 book that starts at the basics and works its way up called DAX Formulas for PowerPivot: The Excel Pro's Guide to Mastering DAX