Final answer:
The statement is True. Understanding rounding is crucial for making estimates and ensuring that the certainty of values in calculations is correctly represented, especially within the scientific context where precision is vital.
Step-by-step explanation:
The statement 'In making estimates, it is important to understand rounding' is True. Rounding is the process of adjusting a number to reflect a certain level of precision, often to match the least certain value in a set of numbers. Rules for rounding help ensure that the certainty in reported values is accurately represented.
When dealing with significant figures in calculations, rounding rules are crucial. For instance, when adding or subtracting numbers, you must round the result to the same number of decimal places as the number with the least number of decimal places. This adheres to the concept that the calculated result should not be more certain than the uncertainties involved in the values used in the calculation.
However, excessive rounding can lead to a loss of reliability. While an approximate value may be adequate for some purposes, areas like scientific work demand much greater precision. Thus, rounding plays a fundamental role in both daily estimates and scientific measurements.