1. Agile projects use estimation of story points and velocity to aid in planning iterations and releases. Story points estimate the size of user stories while velocity estimates how quickly a team can complete story points.
2. Techniques for estimating story points include analogy, expert opinion, and planning poker. Velocity is typically estimated based on the team's past performance or by observing an initial "iteration run".
3. Estimates of story points and velocity allow agile teams to predict schedules and determine what stories can be completed within iterations and releases. This helps with continuous planning and adaptation in agile project management.