Estimation

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Kiandria Grissett
Business Math-7
4 / 20 / 2013
Estimation
1. Discuss at least two "real world" examples in which you use estimation in your daily life. 2. Discuss from your examples how estimating can have negative effects if you over or under estimated. 3. Think of an example in a real world scenario when a company or organization might use estimation and have negative or devastating results. One real world example I would like to discuss is how many minutes it takes me to get up and be at the marina at 11am. I work on Baldhead Island which means I have to catch a ferry to get to work. Each ferry leaves every half hour and not a minute late and I have to be there before 11am. I usually estimate my time right on point I wake up at 9:30 am it usually takes me 20 to 30 minutes or less to take a shower, get dressed, brush my teeth, and do my hair. I leave my house no later than 10:15 am which puts me at the marina at 10:45 am waiting on the boat. Another example that I would like to discuss is getting my boyfriend back and forth to court when he has it being that he is from another county in the state of North Carolina and it takes us at least an hour and forty-five minutes to get there. When he does have court it usually takes in at 8am. We usually wake up at 6:20am (I know we are pushing it on the time) get dresses, feed the dogs and are out getting gas no later than 6:40am. We make this long drive down the interstate driving 80 to 85 miles an hour just to make it to court by roll call but for some odd reason we always make it on time. That’s what I call good estimation. Some negative effects when over and under estimating are sometimes had to tell because you never know what may be going on, on the highway. Let’s dig into over estimating I think can be a good thing which means you are where you need to be early enough so that you are not rushing. It can also be a bad thing because if I leave my house too early and the ferry is running late this...
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