Guesstimates are mathematical estimates, made without adequate information and are arrived at by guesswork or conjecture. They are used in various fields like physics, economics and engineering; and are quite common in case interviews for consulting firms as well as other corporate companies.
Guesstimates form an essential part of internship and recruitment interviews as they help the interviewer to judge your rational thinking and structured approach.
Abhyas invited Mr. Ravtej Singh, an analyst in Goldman Sachs to conduct a workshop on Guesstimates and Case Interviews on 28th August. The two hour long session provided an insight to students about how guesstimates should be approached, and what should be kept in mind while solving case studies.
Step by step approach to solve guesstimates-
1. Understand the question:
2. Decide on the structure and approach you are going to use to solve the problem:
3. Breaking down the problem
4. Assigning numbers and calculating final values
You can refer to the following links to understand the process in detail:
Practice Question:
Estimate the number of two wheelers in India. (Scroll further to take a look at a sample solution)
Answer:
