How is knowing my VO2 max helpful?

I'm still trying to wrap my head around some things that I have read this morning. I have not had enough coffee yet.

Can someone explain in layman's terms how to translate back and forth between estimated VO2 max and actual heart rate at a given point in the midst of exercise?

I am trying to understand excess post-exercise oxygen consumption in reference to various exercise intensities reported as percentages of VO2 max and then compare this to estimates of my own exercise intensity and estimated VO2.

I am feeling a little slow on the uptake this morning.

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