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FutureStarrHow to Add 20 Percent OR
As a leader, you know you should add value to the process, but how? One way is to add an additional 20 percent to your team’s progress. Learn how.
If you've ever bought clothes on sale, you're familiar with the concept of a markdown, or reducing the price by a given percentage. A markup works the opposite way: The price is â€‹increasedâ€‹ by a given percentage. Retailers do this every day, because they pay one price for their goods (the wholesale price), and then add a markup to create the retail price they sell to you at. Often, the markup from wholesale price to retail price can be as much as 50 percent, but some retailers will sell at lower markups such as 20 percent.
The concept of percent increase is basically the amount of increase from the original number to the final number in terms of 100 parts of the original. An increase of 5 percent would indicate that, if you split the original value into 100 parts, that value has increased by an additional 5 parts. So if the original value increased by 14 percent, the value would increase by 14 for every 100 units, 28 by every 200 units and so on. To make this even more clear, we will get into an example using the percent increase formula in the next section. (Source: www.omnicalculator.com)
Percentage increase is useful when you want to analyse how a value has changed with time. Although percentage increase is very similar to absolute increase, the former is more useful when comparing multiple data sets. For example, a change from 1 to 51 and from 50 to 100 both have an absolute change of 50, but the percentage increase for the first is 5000%, while for the second it is 100%, so the first change grew a lot more. This is why percentage increase is the most common way of measuring growth.
As your maths skills develop, you can begin to see other ways of arriving at the same answer. The laptop example above is quite straightforward and with practise, you can use your mental maths skills to think about this problem in a different way to make it easier. In this case, you are trying to find 20%, so instead of finding 1% and then multiplying it by 20, you can find 10% and then simply double it. We know that 10% is the same as 1/10th and we can divide a number by 10 by moving the decimal place one place to left (removing a zero from 500). Therefore 10% of £500 is £50 and 20% is £100. (Source: www.skillsyouneed.com)