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Whenever asked for a design estimate, I take up some time (around half an hour) to understand what is required of me. During this time, I am planning how to proceed step-wise. With that, I also analyse how much time each step would take. This is purely based on one's skill to analyse the time. Mostly, during the above-said half n hour peroid I make myself ready for what's coming.
At the end, I give out the time frame required for the process.
Usually, I take 1-2 hours buffer time to refine, however I never give exact time estimate rather a timeframe. I don't know if this will work with other people who deal with different kinds of managers, seniors, etc., but giving a ranged estimate helps me to focus without any pressure on the delivery.