I've sent out a few quotes on projects in the last couple of days (with the hope of work to come!), and as I estimate my time, I keep thinking that it's like "Name That Tune." (Potential Clients: Please don't think that my work is like a game, just read on)
I take a look at what needs to be done, and, with limited information, decide how long the work will take. "I can design that project in 4 notes, I mean, hours." If I come out close, I win, and the client wins. But if I get overconfident on how long something actually will take? My loss...
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