In programming, a good developer is not necessarily a good coder but an organized one. So estimations are really important in this business; a good estimation is the difference between a happy client and an angry one. I usually use a simple rule: the quickest time multiplied by 2; also I know people who multiply it by 1.5 or use the medium time and add some days to it.
And here comes the Murphy's law: no matter how many estimations you give (and how accurate they will be) all the projects will be started on the same day.
... and last week I gave 4 estimations :)
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