Estimations are important for planning, budgeting, and communicating with clients, but are difficult to do accurately. Some key tips for providing good estimates include doing thorough research, accounting for potential problems, getting input from others, and adding a buffer to allow for unexpected issues. Estimators should be careful not to provide estimates without proper information or let others estimate for them. Even with preparation, estimates may end up being wrong at times, so it's important to communicate openly with clients about potential delays.