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General rule: Rounding each factor of product/quotient of numbers to its greatest place, then multiply/divide the rounded off factors.
Example:
1. Estimate: 387 × 42
 
Let us round of 387 and 42 separately and then multiply to get the answer.
 
Consider 387,
 
It is a three digit-number. We can round off this to a maximum of the nearest 100's.
 
Let us round off 387 to 100's.
 
Let us follow the steps to find the estimated number.
 
Step
Applying it
387 to hundreds
1Find the digits to the hundreds place387
2Determine the digit to its right.387
3If this digit is 5 or greater add 1 to it.  If it is lesser, then leave it as it is.
387
(8>5). Add 1 to it.
4Make the digits to the right of hundreds place 5 to zeros.400
 
Thus, estimating the number 387 to the nearest hundreds is 400.
 
Consider 42,
 
It is a two-digit number. We can round off this to a maximum of the nearest 10's.
 
Let us round off 42 to 10's.
 
Let us follow the steps to find the estimated number.
 
Step
Applying it
42 to tens
1Find the digits to tens place42
2Determine the digit to its right.42
3If this digit is 5 or greater add 1 to it.  If it is lesser, then leave it as it is.
42
(2<5). Leave it as it is.
4Make the digits to the right of tens place 5 to zeros.40
 
Thus, estimating the number 42 to the nearest tens is 40.
 
Now multiply the estimated numbers.
 
That is 400 × 40 = 16000.
 
Therefore, the estimated product is 16000.
 
The actual product is 387 × 42 = 1596. Thus, the estimated product is roughly nearer to the actual product.
 
Therefore, it is a meaningful estimation.
 
 
2. Find the estimated value of 5160÷392.
 
Let us round of 5160 and 392 separately and then divide to get the answer.
 
Consider 5160,
 
It is a four-digit number. We can round off this to a maximum of the nearest 1000's.
 
Now try to round off evenly by 100's.
 
Let us round off 5160 to 100's.
 
Let us follow the steps to find the estimated number.
 
Step
Applying it
5160 to hundreds
1Find the digits to the hundreds place5160
2Determine the digit to its right.5160
3If this digit is 5 or greater add 1 to it.  If it is lesser, then leave it as it is.
5160
(6>5). Add 1 to it.
4Make the digits to the right of hundreds place 5 to zeros.5200
 
Thus, estimating the number 5160 to the nearest hundreds is 5200.
 
Let us follow the steps to find the estimated number.
 
Step
Applying it
392 to hundreds
1Find the digits to the hundreds place392
2Determine the digit to its right.392
3If this digit is 5 or greater add 1 to it.  If it is lesser, then leave it as it is.
392
(9>5). Add 1 to it.
4Make the digits to the right of hundreds place 5 to zeros.400
 
Thus, estimating the number 392 to the nearest hundreds is 400.
 
Now divide 5200 by 400.
 
Estimated quotient.
 
13400|5200¯5200¯0¯
 
Actual quotient
 
13392|5160¯5096¯64¯
 
Thus, the estimated product is roughly nearer to the actual product.
 
Therefore, it is a meaningful estimation.