Follow an estimation process to break down seemingly impossible estimates into bite-sized chunks.
- You live in Provo, Utah, correct?…- Correct.…- How far is that from Salt Lake City?…- It's about 35 miles south.…- Okay, I have a question for you about Salt Lake City.…- I'm ready.…- [Man] How many windshield wiper blades are sold…in Salt Lake City each year?…- What?…- How many windshield wiper blades are sold…in Salt Lake City each year?…- Well that's a bizarre question, I have no idea.…- [Man] Sure, you do.…Let me lead you through an estimation process…with some questions that break down…the seemingly impossible estimate into bite-sized chunks.…- Okay, lead away.…
- How many people live in Salt Lake City?…- [Man] Well I don't know exactly…where the official Salt Lake City boundaries end.…Let's broaden it to the Salt Lake City metropolitan area.…- Alright.…- [Man] In that area, I'd say…there are about a million people.…- [Man] Good, now, we're rolling.…Next question, how many cars per person are there…in Salt Lake City?…- [Man] Cars per person I'd say about half a car per person.…In other words, on average two people share one car.…
In this course, join accounting professors Jim and Kay Stice as they help you discover how to leverage the power of numbers to approach businesses problems and make everyday decisions. They explore the power of ratios and percentages, how to monitor and evaluate your budget, how to forecast the timing and amount of a business loan, and much more.
LinkedIn Learning (Lynda.com) is a PMI Registered Education Provider. This course qualifies for professional development units (PDUs). To view the activity and PDU details for this course, click here.
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- Explain the rule of 72.
- Determine net income based on wholesale and retail costs.
- Apply the appropriate methods to convert fractions to percentages.
- Define “consumer price index.”
- Identify the difference between mean and median.
- Recall how to calculate conditional and unconditional probability.