Yes. How do you measure that 5”?
5" or 5 feet, you measure it the same way, by eye and you guess. Or if you're more precise, you "estimate".
First off, you need to know the range, with reasonable accuracy. Being off by even 50yards (or sometimes even 25yds) can make a significant difference in the drop, depending on the bullet's velocity at that range.
and you need to know the drop characteristics of what you are shooting. Huge difference between a .45-70 and a .300 Mag.
OK, so you know the range, and you know the drop (and we'll leave wind drift out of this for the moment) then is it a "simple" matter of adjusting your point of aim to compensate.
Lets take your 5" drop, as the example. One way is to crank in 5" more elevation on your scope (or iron sight if it will do that) and then aim dead on target.
The other way is to aim those 5" above where you want the bullet to hit. I include holdover (or under) in the term "Kentucky windage" but some do not.
Point here is that holdover is almost never as precise as adjusting the scope, but it is FASTER, and your sights remain zeroed where you set them. You don't have to crank them up for the shot then REMEMBER to crank them back down to the original setting.
They way its most often done is to use the size of a known object for reference. This includes the game you are shooting at. IF you know, for example that, broadside, the deer is 12" (roughly) back to belly, and you need to hold 5" high, then you hold just a touch less than "half a deer high" and your bullet should land in the boiler room.
ANY object at that distance that you know the size of can be your reference. For example, if you know that the fence post the deer is next to is 5 feet high, you can estimate fairly well down to half a foot or so.
Of course, this takes practice and different people will be differently skilled doing it, but its easily done, and has been done since people started launching things at game, or each other. Archers are skilled at estimating range and drop of their arrows the same way. The ones who aren't are considered poor archers.
And, speaking of which, a friend of mine who was a bowhunter spent all summer practicing in his backyard for the "40 yards shot", determined to get his deer. That fall, the deer jumped up 25yds from him, and he did what he's spent all summer practicing. And shot right over the deer's back...
The same principles apply to any and every ranged weapon. (in earth's gravity well, at any rate...
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