Few days back Mubeen asked me about our Estimations. Honestly I don't have any answer for few questions as we too failed many times due to many reasons which resulted/effected to my team to extend their work hours to complete their tasks. Here we cannot blame anyone as everyone is correct on their perception,
Few methods here
Wide Band Delphi - my favorite Estimation method. In this we can involve everyone, taking their opinions. Check the below link for details
http://leansoftwareengineering.com/wideband-delphi/
Test Estimation Approaches
Test Effort Estimation
Finally on Estimations: There are many techniques, methods defined by our Guru's. But the problem is we do not follow properly.