Estimating techniques are methods used to predict the cost, time, or resources needed for a project. These techniques help project managers make informed decisions and allocate resources effectively. Common estimating techniques include analogous estimating, where past project data is used for comparison, and parametric estimating, which uses statistical relationships between variables to calculate estimates. Another popular technique is three-point estimating, which considers optimistic, pessimistic, and most likely scenarios to provide a range of estimates. These techniques are essential in project management, as they help ensure projects are completed on time and within budget while minimizing risks.