I guess this is also directly related to the dark art of quoting...
You work out that it takes 1minute to drill through a part 120mm thick @ 120mm/min. Then you start thinking about how much time your retracts from pecks will take if your machine can rapid at 30M/min, rapids up to 3mm off the part and back down to 1mm from last peck every 10mm of drill depth. Then you realise that if you are drilling 120mm of drill depth you are actually drilling 132mm, rapids excluded. But then you start thinking that to drill through you actually need to go deeper than 120mm because your drill has a 118 deg edge so you add an extra 5mm.
You get a rough guess of 1 1/2 min per hole but you are forgetting how you got to the hole... How long is your travel from toolchange position? What is the distance between your holes? Is your machine reaching it's full 30M/min rapids between pecks? How long does it take to do a toolchange? Then if it is not production you start thinking how long does it take you to put the drill in the holder, load it into the machine,set it's height and check that it is correct. And what happens if the machine has to be attended at all times to check for tool breakage but you need to take a pee every 2 hours.
By this time you are about to throw the print and calculations into the bin and start working on experience
But then of course there are the facing,profiling, filling the coolant tank,way oil,digging the chips out of the T slots,going for a pee again, forgetting that the machine is on 50% rapids,loading the part, operations still to consider.
This sounds a lot like a homework question to me. I'm done with my assignment for the day and just got the damn hole drilled by actually doing it and roughly remembering how long it took me for reference if I ever got a similar part again.
I've found turning is a bit easier, 2 axis stuff, to get rough times but all in all experience sure does help.... I can't finish this post off properly,had to take a crap in between so cannot tell you how long it took me in total to type it.