Each 0.01' is roughly equal to 1/8". There are ninety-six 1/8" in a foot and one hundred 0.01' in a foot.
These facts come in handy with grading when a surveyor says that you need to take off another 0.15'. A fast head calculation tells you that fifteen 1/8" equals 15/8 or 1 7/8".
You can add an extra 0.01' for every three inches to correct for the missing 0.04'.
The degree to which these tricks are effective depends on the degree of accuracy you need in your measurement.