Agile Estimating and Planning is a framework used in software development to create flexible and adaptive project plans. It emphasizes collaboration among team members and stakeholders to estimate the effort required for tasks, allowing for adjustments as project requirements evolve. This approach helps teams prioritize work based on value and urgency. The process involves techniques like story points and planning poker to gauge the complexity of tasks. By breaking down projects into smaller, manageable pieces, teams can deliver incremental improvements, ensuring that they remain aligned with customer needs and can respond quickly to changes in the project scope.