In software development, or cooking barbecue, when estimating small errors will net out – sometimes it will take longer, sometimes less. Normally longer, sure, but not always.
But spending time working on estimation will ALWAYS cause a project to take longer by at least the time you spend adding detail to your estimates, and usually more. However the estimates will rarely be more accurate than the guesses in any material way.
It’s therefore much more important to estimate quickly and frequently, allowing for error, and prioritising assymetrical work – work that is that has a high potential benefit for a low investment, even if the ROI calculation is done quickly – say as t-shirt sizes (small, medium, large etc).
By limiting the work in progress, the backlog short, the prioritisation focused and the requirement for sign off or approval to a minimum, we can deliver the most value in the shortest amount of time.
Simple?