Guesstimate the amount of sugar used daily for serving tea in an average
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Answers
Guesstimate is an approximation based on the available information. Most of the time, only limited information is available. It has more to do with understanding the approach toward the problem. Consider feasible parameters that influence the problem. Interviewers ask such questions to understand if the candidate can come up with a solution to a problem within a set time frame.
Top Interview-Based Guesstimate Questions and Answers
Management students are asked such questions by interviewers to analyze their decision-making and estimation capabilities. Candidates are expected to approximate the answer based on the little information that they are provided with.
Basically, your approach to answering the question is assessed. There is no actual calculation involved. Aspirants who plan to pursue a career as a consultant should also be aware of the concept. You can find below a list of interview-based guesstimate questions that can be useful to you.
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Q1. What is your strategy for solving a guesstimate question?
Ans. The four-step strategy as given below is quite useful for answering a guesstimate question:
Step 1: Clarify unclear terms asked in the question.
Step 2: Break down numbers into small and easy-to-estimate pieces.
Step 3: Estimate each piece mathematically and by using background knowledge.
Step 4: Consolidate every piece to conclude the result.
Q2. What are the different types of Guesstimates based on an approach to solutions?
Ans. Following are the different types of Guesstimates based on the approach to solutions:
Household Approach: This approach is used for solving household-based guesstimate questions.
Population Approach: For solving population-related questions guesstimate questions such as finding the number of people consuming something or the number of people living in an area.
Structural Approach: This approach is used for solving guesstimate questions such as finding the number of aeroplanes landing in a single day.
Q3. Can you provide examples of guesstimate questions?
Ans. Some examples of these questions would be:
How many packs of Mama Earth face packs are sold each day in India?
Number of iPhones users in India at present
The average number of bikes sold in Delhi during the last month
How many teacups were consumed in Bangalore last week?