What are some instances of estimations?

135

Do you get the shivers whenever you have to make educated guesstimate questions? Are you interested in learning about the most common interview questions and how to answer them? Consulting requires estimation skills. One must understand the local market to answer such queries. The most typical rough estimate questions and answers are below. Managerial candidates are regularly tested in hypothetical situations. Only your best estimates can solve these estimating challenges. The quality of your answer is often more important than its validity. To get answers to some of the most common guesstimate questions, let’s go a little further.

Methodology for Resolving Hypothetical Issues

Before attempting to find a proxy, it is important to acquire as much information as possible about the market being estimated and its size and style. If you have any questions for the interviewer, please do not hesitate to ask. But keep in mind that asking a series of leading questions is not the way to find the answer. Simple one-line questions can be answered with a yes or no.

Analyze the situation: if you sit down with a pencil and paper and try to solve the problem, you may be surprised at how close you get. Think critically about the situation and come up with answers.

To conclude, you will need to do some math using your best assumptions as to the size of the market.

Find a solution to each component of the problem, and then see if you can assemble them into a whole.

Requirements to remember

Not enough evidence to draw any firm conclusions: Unreliable assumptions lead to misleading guesstimate questions.  The calculations are always close guesses at best.

If you’re answering a question that can be answered with a reasonable guess, you don’t need to seek fractions.

Write things down; record the outcomes of any calculations you perform.

Keep up a steady stream of conversation concerning the written calculations.

Interview Questions That Require Guesswork

How many cups of tea were consumed in Mumbai during the past 30 days?

Before answering estimation questions, read them and break them down. It is highly doubtful that any of the estimated 3.6 million youngsters living in Mumbai’s 18 crore population consume tea. Thirty percent of the population drinks tea every day; the remaining ten percent never drink; twenty percent drink tea occasionally; twenty percent drink tea consistently; and ten percent never drink at all. This allows us to divide tea drinkers into three groups: those who drink it every day, once per day, or once per week, and those who don’t drink it at all.

The journey there is as follows: weekly population as a percentage of the overall population calculated by multiplying daily population by the average number of cups of tea consumed guesstimate questions.

Non-drinkers-0

The formula for the frequency of alcohol use is as follows:

An average drinker has a formula of seven times three times 0.2, or four points two.

Regular drinkers use 10.4 cups each week or 41.6 billion cups per month.

I’m curious as to the second question as to how many people in India own iPhones.

Probably hardly many Indians under 25 or over 65 have an iPhone. Therefore, we will leave out 40% of the world’s population. India is home to about 1.39 billion people. There are still 834,000,000 people in the world if we exclude those who have never possessed an iPhone. The iPhone is affordable for those in the upper middle class and above. When iPhone costs go up, we can cross off 14% of the middle class. Of the total population, just 3.2% can afford an iPhone, but the other 717 million can. A conservative estimate puts the number of iPhone owners in India at around 22 million.

Third question: how many refrigerators are sold in India annually?

There are approximately 450 million people in India, based on the assumption that each of the country’s 130 million families consists of four persons. This results in 32,500,000 households. One can broadly divide the population into those who are poor, those who are middle class, and those who are wealthy. Not only that but there is a noticeable divide between the metropolises and the smaller towns and cities. Rich people in every city have refrigerators, right?

In this section, we separate the numbers by category.

The poverty rates in major cities are, correspondingly, 20%, 40%, and 20%.

Tier II and Tier III cities’ middle class is 40%, 50%, and 10% effluent.

Sixty percent of the villagers live in poverty, while 38 percent are in the middle class, and 2 percent are wealthy.

Sales of brand-new models and used models replaced after ten years must be considered when forecasting refrigerator sales.Taking into account all of these variables allows us to arrive at the sum.

When comparing the elephant to the ant, how much heavier do you believe the elephant is?

Say elephants weigh 3,600 kilos on average and ants weigh 3 milligrams on average as an illustration.

An elephant weighs three billion milligrams if we convert from kilos. Therefore, the ratio is 120,000,000 to 1 milligram, or 3,600,000,000 to 3.

Can a tennis racket’s worth of balls fit in a car?

To find out how much space there is within the car. Before moving forward, you must first determine: Is there nobody in the car? Next in line are specific automobile manufacturers and models. After that, we’ll use the tennis ball’s length of 2 inches to calculate its volume. The volume equation is (4 PI r3).

The volume of the ball is (4 13 12) cubic centimeters.

Let’s do the arithmetic to figure out how much space is inside the car. Consider the proportions to be eight hundred inches in length, eighty inches in width and sixty inches in height.

The car has a volume of 8008060, or 150,000 cubic inches.

In this example, we’ll assume that removing the trunk and back seat makes available a total of 500,000 liters.

Calculate the car’s ball capacity. One car held five hundred thousand twelve tennis balls.

How big is the average pizza, and how many square feet are eaten monthly in the US?

To put it in perspective, consider that over 300 million people are living in the United States. Supposedly, 200,000,000 people eat pizza every single week. This is because the average pizza eater eats two slices at a meal and two pizzas a month. To put it another way, that’s around four slices every month for one person. If a pizza is typically 6 inches in diameter, then a single slice would be 30 inches in length. Four slices of pizza add up to 120 square inches.

Again, just to review:

This planet is home to an estimated 300,000,000 people.

Twenty-hundred million individuals eat pizza annually.

The typical pizza has a surface size of 30 square inches.

Given that the average person is 5 feet tall, eating just four slices of pizza every month would consume 120 square inches.

A Monthly Rate of Two Billion Square Feet

Summary

This article discussed hypothetical interview questions and ways to answer them. Because the answers to guesstimate questions are always estimates, there is no such thing as a question for which there is a 100% correct answer. Interview questions like these challenge your critical thinking, problem-solving, and decision-making under pressure. Your answer method will be considered, so guessing poorly won’t hurt your grade. Thus, we commend the article’s success. For any further inquiries, please use the comments area.

Please enjoy this blog post. If that’s the case, then you should spread the word. Help us grow the group of AI enthusiasts!

If you want to learn more about AI, stop by our insideAIML blog.

Feel free to ask whatever you want about AI, DL, DS, and ML in our real-time insideAIML forum.

Keep Learning New Things Keep the progress you’ve made.

Also read