How to Answer Estimation Questions? - My PM Interview
Product Management Estimation Interview: Here is a step by step guide on how to answer Product Estimations Questions with Detailed Solutions
Why are Estimation Questions asked?
Estimation questions are often asked during interviews to assess a candidate's ability to think quantitatively and solve problems. These questions are designed to evaluate the candidate's ability to make quick calculations and come up with reasonable estimates for various scenarios. This may include:
Assessing the size of an opportunity: Interviewers may ask a candidate to estimate the potential revenue or market size of a product or service. This can help the interviewer understand the candidate's ability to think strategically and assess market potential.
Evaluating the potential impact of a project: Interviewers may ask a candidate to estimate the potential impact of a project on the company's bottom line. This can help the interviewer understand the candidate's ability to think critically and assess the long-term consequences of a project.
Determining the cost of a project: Interviewers may ask a candidate to estimate the cost of a project, including the cost of materials, labor, and any other expenses. This can help the interviewer understand the candidate's ability to think financially and make budget estimates.
When answering estimation questions, it is important for the candidate to make a few assumptions along the way and clearly communicate these assumptions to the interviewer.
Additionally, it's crucial for the candidate to inquire if their assumptions are on the right track and seek the interviewer's feedback. This can demonstrate that the candidate is willing to consider other perspectives and wants to make sure they're thinking accurately, which is a great way to show that they are proactive and they are interested in understanding the correct estimation
How to answer Estimation Questions?
Here is a step-by-step guide/framework, you should follow while answering estimation interview questions: