It means how many years a child of school entrance age-usually around 5 or 6 years old-can expect to go to school for, if things remain the same as they are now. For instance, in that
chart, in Norway a child starting school in 2013 could expect to go to school for an average of 17.6 years. Some Norwegian kids can expect to go for fewer years, some for more, but that will be the average.
Now if you take a look at #65 on that chart, the country of Trinidad and Tobago, you will see that a child starting school in 2013 has an average of 12.3 years of schooling ahead if he or she is an average student.
And if you go to #100 on that chart, the country of Suriname, you will see that a child starting school in 2013 will have an average of 12 years of schooling ahead.
As far as the mathematical formulas to arrive at those predictions, I don't believe I know them.