Many discussions regarding how to estimate, fail to understand the purpose for making estimations and whom the estimations are actually for. Most seem to think that the estimations are for the developers to control the amount of time they are allowed to spend on development. This is also why so many projects fail due to poor quality and scope creep.
The reason we estimate and log time have nothing to do with the development team. We do this to make sure that resource and finance planning have the information they need to get funding and resources. It also to make sure that collaboration and dependencies can be managed.
So when the developers estimate it is to make sure they have the time they need to complete their work. We log time so management can see if problems arise should our estimations not hold.
When you fail to estimate, then you actually compromise your own time since your estimation decide the amount of time you have to do the work. When you fail to log time you not only make life difficult for the teams that depend on your work, you also limit the possibility to adjust expectations and budgets. This again reduce the time you have at your disposal.
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