When teams do need strong estimates, then the best way I know is doing a project management ROPE estimate, which uses multiple perspectives to improve the planning.
https://github.com/SixArm/project-management-rope-estimate
R = Realistic estimate. This is based on work being typical, reasonable, plausible, and usual.
O = Optimistic estimate. This is based on work turning out to be notably easy, or fast, or lucky.
P = Pessimistic estimate. This is based on work turning out to be notably hard, or slow, or unlucky.
E = Equilibristic estimate. This is based on success as 50% likely such as for critical chains and simulations.