How many candies does china consume annually?

Question

What I will do is the following and I would appreciate your feedback on my approach or if you suggest another approach.

1- Start with the whole population

2-segment based on age (children, middle age, old people).

3- Assume all children eat a candy a day (is it underestimated?) , then multiply by number of days in a year.
4-Assume middle age only 30% would eat candy and they only eat one candy per week, then multiply time number of weeks in a year.
5- Assume old people won't eat candy.

6- Add number of candies eaten by children and middle aged to get total candy consumption.

please give your feedback on approach and feel free to suggest any other approach.

Answer 1

Hi there,

Overall this is a good approach!

That said, I would question your assumption around the elderly not eating candy at all. I would also question your assumption that all children eat 1 candy a day.

So, I think you're good on overall structure and logical thinking, but you do need to work on your assumptions! My best advice for this is 1) Do daily reading to learn more about the world etc.) 2) Continue practicing and sense-checking assumptions

Answer 2

Hello!

I think candy daily is a bit aggresive ;)

However, that is not the main point, since the overall approach is good, and this is what counts. Good job!

Cheers,

Clara

Answer 3

Hi, the solution is goos. In addition, I would like to suggest similar cases in the platform to practice with:

https://www.preplounge.com/en/consulting-forum/how-much-would-you-charge-to-clean-all-the-windows-in-seattle-4965
https://www.preplounge.com/en/consulting-forum/market-sizing-milk-consumption-5087
https://www.preplounge.com/en/consulting-forum/how-would-you-calculate-the-value-of-a-cow-4982
https://www.preplounge.com/en/consulting-forum/estimate-number-of-traffic-lights-in-a-london-5692

Hope it helps,
Antonello