To predict the future of a software project with acceptable accuracy and precision, it is necessary to measure past project and keep track of current and ongoing projects. Estimation and measurement are closely aligned, and good historical data is of great value in estimating future outcomes of future software projects. - Opening of Chapter 2 of the book to the left.
Software Development, using other peoples money in the presence of uncertainty is a microeconomics paradigm. What choices are needed to assure project success, confirm that the funding invested produces the planned return on that spend? What choices are best for the current understanding of the uncertainties faced by the project. Both reducible and irreducible uncertainties?
To suggest decisions can be made without estimating the outcome of those choices it to willfully ignore the foundation principles of microeconomics and managerial finance of software development projects.
Those conjecturing those decisions can be made without making estimates, are participants in this willful ignorance.