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If you're not a Star Trek fan, you may not be familiar with the Scotty Principle, but it's fairly simple. When asked how long a job will take, estimate the time required to complete the job, add about 25%-50% onto that estimate, and commit to the longer estimate. Then, when you deliver ahead of schedule (or something else happens that throws you off, and you're forced to deliver on schedule instead of ahead), you're a miracle worker who really knows how to get the job done.
Parkinson's law is the adage that "work expands so as to fill the time available for its completion".
Optimism assails software estimates from all sources. On the developer side of the project, Microsoft Vice President Chris Peters observed that "You never have to fear that estimates created by developers will be too pessimistic because developers will always generate a too-optimistic schedule". In a study of 300 software projects, Michiel van Genuchten reported that developer estimates tended to contain an optimism factor of 20% to 30%. Although managers sometimes complain otherwise, developers don't tend to sandbag their estimates—their estimates tend to be too low!
In project management, the Cone of Uncertainty describes the evolution of the amount of best-case uncertainty during a project. At the beginning of a project, comparatively little is known about the product or work results, and so estimates are subject to large uncertainty. As more research and development is done, more information is learned about the project, and the uncertainty then tends to decrease, reaching 0% when all residual risk has been terminated or transferred. This usually happens by the end of the project i.e. by transferring the responsibilities to a separate maintenance group.