Larry Lane Jr
Business Math – 83
Instructor: Andrew Halverson
An example of using real world examples in your daily life is paying your bills in order to pay them you need to know how much money you will bring in if you are working. You will also need to figure out the amount for each bill and to make sure you budget your money throughout the month.
Another example is if you need to buy groceries say that you make a grocery list for everything that you need in food. The first thing you should do is look at the list you made make an estimate and once you have figured out what it might coast for your groceries see how much money you actually have so you are able to purchase everything off of you list (Hand, 2012) .
Think of an example in a real world scenario when a company or organization might use estimation and have negative or devastating results.
Estimating incorrectly can make any company take a very big loss. An example of this is if your company is bidding on a building deal that is worth twenty million dollars and the estimates are not what they are supposed to be. The company will lose out on a lot of money because of the estimations being off and also this will create employees losing their jobs in the process because the company would not be able to pay them (Hand, 2012) .
Estimating in the real world and in company and organizations is important because as I described earlier you have to estimate in everyday life weather it is paying bills or buying groceries. This is why people in everyday life estimate so they will have an idea on how much money they will have to spend on food or groceries. Estimating when it comes to organizations and companies is very important also as I spoke on earlier a company not having the right estimations a company will lose money and have to lay off employees (Hand, 2012) .
Hand, J. (2012, april 16). Weegy.com. Retrieved April 20, 2013, from Weegy.com:...