Cracking guesstimates involves using logical reasoning, approximations, and a structured approach to estimate values in uncertain scenarios. Techniques include breaking down complex problems into smaller, manageable parts, identifying key assumptions, and applying rough calculations to arrive at estimates. Common strategies involve using round numbers, applying known ratios or benchmarks, and simplifying the problem with reasonable assumptions. It’s essential to communicate your thought process clearly and adjust as new information becomes available. Practicing guesstimates helps sharpen problem-solving skills and fosters creativity in addressing challenges with limited data, making it a vital tool in consulting, interviews, and business decision-making.
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