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Bottom-Up Estimating
Top-Down Estimating
Comparative Estimating
Parametric Estimating
Three-Point Estimating
Among these, three point estimation allows you to set more reasonable expectations, based on a more realistic estimate of outcomes.
I prefer Three-Point Estimating when we didn't have any history, and pearl when we have history
There are different tools to make the required analysis to estimate project time:
1-20-80 rule
2- Critical Path Method
3- Critical Chain Method
4- Resource Leveling
1- By experinces.
2- By break down.
3-By tables and equations.
I recommend
1.PERT- Program Evaluation and Review Technique
2.CPM-Cirtical Path Method
These are the most commomly used to calculate estimated time for a project.