Rounding errors

Most of us tend to round numbers in our head. If we see a price is $4.99 we round it up to $5.00. A meeting that takes 55 minutes we round up to an hour.

The problem with rounding is when it distorts the total number.

As an example, most of us think in terms of 4 weeks a month. With 12 months a year logic would say there would be 48 weeks a year. Of course, we all know there are 52 weeks a year.

Are there other examples where we are rounding up (or down)so much that is presents an inaccurate scenario in some of our assumptions?

Rounding makes it easier to calculate things but make sure it’s not resulting in erroneous decision making

Have a great day!

Lawrence

Leave a Reply

Your email address will not be published. Required fields are marked *