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Anonymous A

on Apr 03, 2018

Global

When is it OK to estimate? Is a fast estimate better than a slow but accurate answer?

I understand that it is generally OK to estimate when you are using a calculation to get a Y/N answer (i.e. determining whether to proceed/not proceed based on being above or below a specifc target).

Other than this situation, is it OK to round or estimate your answers to get an approximate answer more quickly? Do I need to ask the interviewer every time I want to round or estimate slightly [e.g. rounding (155 million / 206) to (155 million / 200)]?

Also, if specifc answers are required, what level of precision is generally acceptable? One decimal place?

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Vlad

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How to Practice Math Skills

When preparing for a case interview in consulting, you will quickly realize that math is an essential component. Don’t worry, you don’t need to be a math genius – it’s enough to handle numbers in a structured and confident manner. Important Calculations and Computations in Case InterviewsLet's take a look at the types of calculations required and how you can best prepare for them. Typically, math in case interviews is usually tested in the following ways: 1. Basic Arithmetic OperationsThe foundation of any mathematical task is basic arithmetic: addition, subtraction, multiplication, and division. Quick and error-free calculation, either mentally or on paper, is crucial.2. Percentages and FractionsPercentage calculations and working with fractions are often part of case interviews. You should be confident in calculating percentages and converting fractions to decimals and vice versa. This is especially relevant for tasks such as capacity change or profitability analysis.3. Estimation QuestionsEstimation questions test your sense of magnitude and your ability to quickly provide plausible numbers. Practice making rough estimates for various scenarios, such as the size of a market or the number of customers in a store.4. Charts, Data, and TablesIn many interviews, you will be presented with data in the form of charts and tables. Your task is to quickly analyze this data and draw the correct conclusions. Practice recognizing data patterns and filtering out relevant information. Here, you can practice with Numerical Reasoning Drills!5. Word ProblemsWord problems test your ability to understand and solve mathematical problems from a written scenario. It’s important to handle these types of tasks confidently and quickly. In our Brainteaser Library, you will find many word problems that require mathematical skills. Solve them now!

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