Here's my beef with estimates. I can give you a really really accurate estimate, but in order to do so we're going to have to spend a lot of time going through the request, building and verifying actual requirements, designing the solution and then validating it. The process will require dev resources, business resources and probably people from the support team and will take a lot of time. I'm happy to do it. It's a…
Doing the bulk of your planning during a 2-3 day PI Planning event lets a lot of people dive into a few things, preparing an estimate for the coming quarter, mapping dependencies across teams, lining them up with other planned work and outlining risks to the plan. Then the developers get to explain the plan to upper management, discuss any potential revisions and get moving...with everyone on the same page.
This also keeps any estimation beyond the current quarter firmly in the realm of subject-to-change.
That's the most critical part of it. Tech people and business people being out of alignment on expectations is where everything goes sideways and all of the friction comes from.
Out of all of the methodologies I've come across in my career, this is the only approach I've seen that really balances development realities with a level of "enough" future planning to help business people make informed decisions.