In the room, in real life
Most sponsors never run this math; they eyeball the headcount and hope. Let's do better. It comes down to who's really in the room, so start rough and open Advanced when you're ready to get honest.
This is the input most sponsors never question, and the one that swings your return the hardest.
Estimate · the low–high range assumes your conversion guesses land 45% worse or 70% better than “expected” · not financial advice