The more rigorously you try to analyse the problem, cutting it into smaller and smaller parts, the more error you introduce, reducing the value of the estimate at each step.
Thus, the best practice is to give a very rough estimate based on the scale of the project and your past experiences.
If you don't have previous experience with similar projects, then you should not even try to estimate.
The problem is estimation errors are not symmetrically distributed because engineers chronically underestimate how long something will take, and the problem is exacerbated by management pressure giving them an incentive to estimate even lower.
The distribution of delays is pathological, too. It's not normal or poisson or anything nicely amenable to analysis.