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Disregarding jobs where there are significant differences (e.g. parameters causing every other build to do twice the work) between builds, we use the estimated build time mostly to determine 'by when do we have a result?'. There is some (±5-10%, the longer the duration the less variation) variation between durations of successful builds, but it's still good enough for an estimate based on how the UI works.
Unfortunately, this commit changed computation of build duration estimates:
https://github.com/jenkinsci/jenkins/commit/04d85eb476bdc57eb7ac3c2bb34e91be5b55c487
Before: Use the average of the last up to three successful builds. Use fewer if no three successful builds exist. If there are no successful builds, don't attempt to provide an estimate.
Now: Only look at the last six builds. Use the average of the last up to three successful builds of those. If there are fewer than three successful builds, also use the latest failed (but not aborted) builds to get three builds to base the estimate on. If three or fewer completed builds exist, use those.
So, if there's only one successful build among the last six builds, it will also consider the latest two failed builds for the estimate. If there are no successful builds, use the build duration until previous build failures as estimate.
Taking into account failing builds makes the estimate completely meaningless. It doesn't tell you anything, because the data it uses is all over the place (and it uses too few data points for more sophisticated estimates).
For a job that often fails after ~2-3 hours but takes 10 hours to complete successfully, this will often reduce the estimate to just ~5 hours. Even just considering one failed and two successful builds will result in an estimate of 7.5, which is way off the actual duration to get a successful build.
Build failures should be considered exceptional conditions. For non-fatal issues, builds can be marked unstable. So failures should not be used in estimating build durations, as some unreliable component used in a build will completely distort build durations.
I'd rather have it use the average of the last N (e.g. 3 or 5) successful builds, and if there are fewer than M (e.g. 1, or 3), just give no estimate at all. For jobs that also have wildly varying durations for successful builds, it might actually be useful to not provide an estimated duration – this would make it explicit that Jenkins has no confidence in providing an estimate.
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