Guesstimates Questions And Answers PdfBy Osvaldo W. In and pdf 17.04.2021 at 03:58 6 min read
File Name: guesstimates questions and answers .zip
This can include: How to start the case? Which clarifying questions to ask?
- Market-Sizing & Guesstimate Questions
- Market-Sizing & Guesstimate Questions
- Case interview questions: market sizing, guesstimates & brainteasers
Market-Sizing & Guesstimate Questions
This kind of case interview question may appear challenging and even irritating at first, but once you know which steps to take, they will become much more enjoyable. Successfully answering these questions relies on a combination of mental math , logical thinking, problem-solving skills, and background knowledge.
Market-sizing questions ask the candidate to estimate the market size e. Good command of math, logic and problem-solving skills is needed, along with background business knowledge.
In consulting case interviews and other job interviews as well , the guesstimate questions ask you to do just that! In fact, they are among the most popular case interview questions. To learn about Case Interview Questions besides market-sizing and guesstimates, check out this guide:.
Watch the video first, then try solve the exercise below it before continuing to the answer:. In the given example, at least four points need to be clarified.
For the sake of demonstration, suppose we receive these clarifications:. Ask for timeout, then break the problem down into pieces small enough to estimate reasonably. This graphical break-down of the problem is called an issue tree, and it has to be MECE.
Use calculations to consolidate the pieces into a final answer. Quick mental math is essential for this step — if your math is too slow, you will bore the interviewer to death. Practice your mental math and tune it for consulting case interviews; I wrote an article on Consulting and Mental Math to help you with just that. In reality, I repeat: the only thing that matters is a structured approach. When clarifying, limit the possibilities to only the ones favorable to you.
On the other hand, open-ended questions take away your control and give it to the interviewer, making the question much less predictable. Base your estimations on facts and logic to make them more defendable. After all, consulting is a fact-based industry , and accountability is a desirable trait. As such, the interviewer will likely question you on your estimations , so always have valid reasons to defend them.
Do your brain a favor, and round the numbers for easier calculations. Ideally, you would alternate between rounding up and rounding down, so the offsets will cancel each other out and minimize your margin of error — this is the same technique I teach for Consulting Math.
Regularly check if your numbers are sound — logically, factually, and mathematically. By all means, look out for those embarrassing mistakes; do sanity checks , and do them out loud so the interviewer can see how careful you are.
Literally draw the issue trees and point to it as you speak. On a side note, you can also use tables to visualize your answers.
Tables are much more compact than issue trees, thus very useful for complex problems. You can make these questions easier by building two cheat sheets — one for common segmentations, and the other for common data. These are four quick and easy templates to break down problems in market-sizing and guesstimating , the first three of which are actually used in real marketing activities.
You can list the specific common segmentations in each type e. Geographical segmentation. For example, if the smartphone example concerns the European market, I can break it down into four units — Northern, Southern, Eastern, and Western.
Demographic segmentation. Common demographic factors in market-sizing and guesstimate questions are age, gender, income, family status, education. Behavioral segmentation. If you look back at my example, you can see two behavioral segments there: smartphone users and keyboard-phone users.
Replacement and growth. However, if the market size grows significantly positive or negative within the question timeframe, you need to calculate that growth separate from replacement. On a geographical basis, those two data types often appear on three scales :. Here are two example questions for you to practice, each with a suggested answer. Question 1: How much Earl Grey tea is drunk by British people in a typical afternoon?
Break down the problem. Solve each piece. Consolidate the pieces. Presenting the Answer — Interview Script. You know the steps, the tips and you already have your cheat sheet in mind. However, case interviews are not just about content, but also presentation!
How do you present an answer to a market-sizing and guesstimate question in a truly consulting-like way and impress your interviewer? Kick start your case interview practice with our Prospective Candidate Starter Pack Over 50 tips and tricks, a framework dictionary and an example from our premium Case Interview End-to-End Secrets Program.
Still want to learn even more advanced tips and tricks of market-sizing and guesstimate questions, or do you want to explore the secrets of consulting case interviews? Deep-dive into the secrets of case interviews at top consulting firms, with extensive materials on business intuition, tips and techniques, as well as consulting math! Everything you need to know about case interviews, from fundamental concepts to advanced tips Want to speed up your interview prep dramatically?
By dividing case interview questions into these 8 clear-cut types, you can Although not as popular as before, brain teaser questions may still appear in your interviews. Learn how to answer them Lost your password?
Do not have an account. Sign up here. What are Guesstimate Questions? How many bottles of champagne are there in France right now? How many weddings are being performed in New York at the moment? How many liters of white paint does it take to paint the White House? What are Market-Sizing Questions? Example market-sizing questions: How many pick-up trucks are sold in the USA each year? What is the total annual sales of the global laptop market?
What is the size of the second-hand car market in Japan? How much revenue does your favorite restaurant make each month? If you open a lemonade stand, how much money can you get from it? Clarifying at the beginning serves four purposes: It gives you the necessary information to solve an otherwise-unclear problem.
It brings you and the interviewer on the same page, preventing later disagreements. It shows an ideal, organized approach to problem-solving similar to what consultants do. It buys you some time to think about the problem. What is a smartphone? What is the unit of measurement?
What is the timeframe to measure the market size? At which point in time is the market size measured? For the sake of demonstration, suppose we receive these clarifications: A smartphone is a phone exclusively using a touchscreen, i.
The unit of measurement is the number of smartphones sold to end consumers. The timeframe used is annual. The question concerns the German market size at present. Step 2: Break down the problem Ask for timeout, then break the problem down into pieces small enough to estimate reasonably.
The percentage of smartphone owners within German mobile phone owners. The average lifespan of smartphones in Germany. Step 3: Solve each piece This is where you solve each piece independently. Step 4: Consolidate the pieces Use calculations to consolidate the pieces into a final answer. My clarifying phase should have been:. A smartphone is a phone exclusively using a touchscreen, i. The unit of measurement is the number of smartphones sold to end consumers 3. The timeframe used is annual 4.
The question concerns the German market size at present So, are we on the same page on this? Tip 2: Make defendable, fact-based estimations Base your estimations on facts and logic to make them more defendable. Tip 3: Round up the numbers for easy calculations Do your brain a favor, and round the numbers for easier calculations.
Tip 4: Perform regular sanity checks Regularly check if your numbers are sound — logically, factually, and mathematically. Tip 5: Solve the problem with explicit visual aids Literally draw the issue trees and point to it as you speak. Common segmentations These are four quick and easy templates to break down problems in market-sizing and guesstimating , the first three of which are actually used in real marketing activities. Clarify Earl Grey tea is any tea marketed as such, regardless of the ingredients.
Market-Sizing & Guesstimate Questions
This kind of case interview question may appear challenging and even irritating at first, but once you know which steps to take, they will become much more enjoyable. Successfully answering these questions relies on a combination of mental math , logical thinking, problem-solving skills, and background knowledge. Market-sizing questions ask the candidate to estimate the market size e. Good command of math, logic and problem-solving skills is needed, along with background business knowledge. In consulting case interviews and other job interviews as well , the guesstimate questions ask you to do just that! In fact, they are among the most popular case interview questions. To learn about Case Interview Questions besides market-sizing and guesstimates, check out this guide:.
The answer in the book is 6 µ m or º 2 light seconds. ü Throwing in the towel. Question: What is the surface area of a typical bath towel (include the fibers!).
Case interview questions: market sizing, guesstimates & brainteasers
The questions in this chapter are representative examples of Guesstimate Cases. In essence, these questions involve a short case or analysis in which you must try to estimate a value you probably had never considered estimating before. The key to these types of problems is to break them down into logical pieces, walking the interviewer through how you are approaching the problem, and then try to determine appropriate assumptions for the value of key figures in each of those pieces.
Step-by-Step Approach to Guesstimate Questions
If you're in a B-School and are appearing for your Summer Placement Interviews or Final Interviews, Guesstimates play an important part in any consulting or analytics interview. It gives the panellist a peek in your problem solving and thinking abilities. The focus is more on the approach than getting the answer right. So, what is Guesstimate? As the name suggests, it's an estimate based on a mixture of guesswork and calculation. The process of problem-solving is fairly simple. Look at the parameters that might affect the given problem and arrive at the estimated quantity.
Home Career Advice Blog. Remember to ask your interviewer each time you begin a guesstimate answer if they will provide information or if you will need to make assumptions. If you do, be sure to be perfectly clear where and when you are making assumptions. This set of questions can be presented as either assumptive or with feedback from the interviewer. Practice Question 1: How many gallons of white house paint are sold in the U. If there are million people in the United States, perhaps half of them live in houses or million people. The average family size is about three people, so there would be 45 million houses in the United States.
Но, директор, ведь это… - Риск, - прервал его Фонтейн. - Однако мы можем выиграть. - Он взял у Джаббы мобильный телефон и нажал несколько кнопок. - Мидж, - сказал. - Говорит Лиланд Фонтейн. Слушайте меня внимательно… ГЛАВА 112 - Надеюсь, вы знаете, что делаете, директор, - холодно сказал Джабба.
Но было что-то .
В чем. - Пусти меня, - сказала Сьюзан, стараясь говорить как можно спокойнее. Внезапно ее охватило ощущение опасности. - Ну, давай же, - настаивал Хейл. - Стратмор практически выгнал Чатрукьяна за то, что тот скрупулезно выполняет свои обязанности.
И ради. Чтобы увидеть, как какой-то молодой профессор украл его мечту. Стратмор холил и лелеял Сьюзан, оберегал. Он заслужил. И теперь наконец ее получит.
Неплохо, но есть одно. Он не пользовался своими обычными почтовыми ящиками - ни домашним, ни служебными. Он бывал в Университете Досися и использовал их главный компьютер. Очевидно, там у него был адрес, который он сумел утаить. Это хорошо защищенный почтовый ящик, и мне лишь случайно удалось на него наткнуться.