When you’re in a hurry and don’t have time to do the math, estimating is the next best thing. But sometimes estimating can be tricky, especially if you’re not sure what the rule is. In this article, we’ll go over the general rule to estimate so you can make quick and easy calculations without any fuss.
What Is Estimation?
In basic terms, estimation is the act of judging or calculating an approximate value for something. When it comes to equations and math problems, this is often done by rounding numbers up or down to the nearest tenth or hundredth.
But estimation isn’t just for mathematicians and scientists. We use it in our everyday lives to make quick decisions on everything from the tip we leave at a restaurant to the price we’re willing to pay for a new car. In fact, a lot of the time, estimation is more accurate than trying to calculate everything down to the last decimal point.
That’s why it’s important to have a basic understanding of Construction Estimating Company and how to use it when needed. This article will teach you the general rule of thumb for estimating numbers so that you can make sound judgments quickly and easily.
Why Is Estimation Important?
When you’re estimating, you’re trying to get a general idea of something. In construction, you may need to estimate the amount of material you need in order to complete a project. In the kitchen, you may need to estimate the number of people you’re cooking for.
The reason estimation is so important is that it allows you to plan for the future. If you know that you’ll need 10 bricks for a wall, you can go to the store and buy them now, instead of waiting until you’re already in the middle of building the wall and realizing that you’re short on bricks.
Or if you’re cooking for a party of 20 people, you can start doubling your recipes now, instead of trying to do it at the last minute. Estimation gives you a roadmap for what’s ahead so that you can be better prepared.
How Can We Use Estimation in Problem-Solving?
When it comes to problem-solving, estimation is key. That’s because it allows us to make an educated guess about how long something might take, or how much something might cost. This is especially helpful when we’re trying to figure out a workaround for a problem, or when we need to come up with a plan on the fly.
There are a few general rules of thumb that we can use for estimation. For example, if we’re trying to estimate the time it will take to do something, we can break it down into smaller tasks and estimate how long each one will take. Or, if we’re trying to estimate the size of a group, we can estimate how many people are in the group and then average that number.
These are just a few examples; there are many different ways to use estimation in problem-solving. When we become familiar with these techniques, we can become more confident in our ability to come up with a plan quickly and effectively.
What’s General Rule to Estimate?
The general rule of thumb when it comes to estimating is that you should always estimate high. This means that whatever your goal is, you should always add a 10-20% cushion above your goal amount. This cushion will provide some extra wiggle room in case you make a mistake or underestimate costs.
For example, if you’re planning a project and need to estimate costs, add an extra 10-20% on top of your estimated cost. This way, if the actual cost ends up being higher than what you estimated, you won’t have to dip into other resources at the last minute to cover the difference.
Another advantage to using this rule of thumb for estimating is that it forces us to be thoughtful about our estimates and take into account any unexpected circumstances that may arise during the project. Even though this may take more time upfront, it can help us avoid costly surprises down the line.
Tips and Tricks for Effective Estimation
Estimating takes practice and understanding. Here are some tips and tricks for making the most out of your estimating experience:
- Take a moment before making your estimate. Think about the size and complexity of the project, and break it down into smaller pieces. This will help you to get a better handle on what is involved.
- Don’t forget to include extra time for unexpected issues or delays. It’s constantly better to be securing than sorry in this situation.
- Focus on accuracy; don’t fudge your numbers in order to make the estimate more attractive. You don’t want to be stuck with unexpected costs or delays down the line.
- Make sure you consider things like materials, labor, equipment, shipping, taxes, and other costs when making your estimates.
- Make sure you double-check your calculations—you don’t want any mistakes to slip through the cracks.
Examples of Estimating Problems Solved
Let’s look at a few examples of estimating problems that you can solve using this general rule.
One example is when you are trying to figure out the total cost of a project: if you know the cost of each individual item and the number of items, you can use estimation to get a good idea of what the overall cost will be.
Another example is when you are trying to figure out how many minutes it will take to complete a task. If you know how long it takes to do each step of the task and how many steps there are in total. Then you can use estimation to get a good estimate on how long it will take.
Finally, let’s say you are dealing with a large number of things. Like calculating the population of an entire city—you can use estimation to get an approximate value. This is because it would be too time-consuming and difficult to count every single person in the city.
These are just some examples of estimating problems that can be solved with this general rule. Ultimately, it’s up to you as the problem solver to determine. Which approach works best for whatever situation you’re dealing with?
Conclusion
When it comes to estimating, there is a general rule to follow. You can use this rule to estimate almost anything. From the time it will take you to finish a task to how much you should save for a rainy day.
While there are always exceptions to the rule. Using this general guide should get you close to the right answer most of the time. So the next time you need to estimate something. Remember the general rule to estimate and you’ll be on your way to an accurate answer.
