How to make accurate time estimates when starting new projects

Many a project fail to complete or run behind schedules because people working on these projects have no clue how much time they are going to take. We often falter in estimating the correct time frame for an assigned task or group of tasks. Which often land us in uncomfortable situations which we all want to avoid. Accurate time estimates gives us much desired peace of mind and definitely increases our productivity and enhance ours professional value. But the much cherished question is how to arrive at an accurate time estimate for a task or group of task? Here it is explained in lucid manner without complicating the meaning of Fudge Ratio, how to make accurate time estimates when starting new projects or when assigning different tasks to projects and people.