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In English, the phrase rule of thumb refers to an approximate method for doing something, based on practical experience rather than theory. [ 1 ] [ 2 ] [ 3 ] This usage of the phrase can be traced back to the 17th century and has been associated with various trades where quantities were measured by comparison to the width or length of a thumb .
Gigerenzer & Gaissmaier (2011) state that sub-sets of strategy include heuristics, regression analysis, and Bayesian inference. [14]A heuristic is a strategy that ignores part of the information, with the goal of making decisions more quickly, frugally, and/or accurately than more complex methods (Gigerenzer and Gaissmaier [2011], p. 454; see also Todd et al. [2012], p. 7).
The inefficient rule-of-thumb methods, which are still almost universal in all trades, and in practicing which our workmen waste a large part of their effort. Taylor argued that the cheapening of any article in common use almost immediately results in a largely increased demand for that article, creating additional work and contradicting the ...
A general rule of thumb is to put at least 10% to 15% of your income toward retirement or an emergency fund. ... DIY debt payment strategies like the snowball and avalanche methods strategically ...
Rule of thumb; 0–9. 1 in 60 rule; 1% rule; 1:5:200; 18-electron rule; 68–95–99.7 rule; A. Amara's law; ... Diagonal method; Dunbar's number; E. Engelbart's law ...
The 4% rule tells you to remove 4% of your retirement plan balance your first year of retirement, and then adjust future withdrawals based on inflation. So with a $1 million IRA or 401(k), you'd ...
Replace rule-of-thumb work methods with methods based on a scientific study of the tasks. Scientifically select, train, and develop each employee rather than passively leaving them to train themselves. Provide "Detailed instruction and supervision of each worker in the performance of that worker's discrete task" [22]
The math behind this shows that this method is not entirely accurate, with roughly a 5% error, but the rule's objective is to get workable numbers in a dynamic environment, and it fits this purpose quite well. Here is the breakdown: A circle of 60 NM radius has a circumference of: 2 x 60 x π = 376.99 NM. 376.99 divided by 360° produces: