The real lesson here is wisely using time.
The strategy we use at work is to come up with several alternatives and rate them against a list of criteria using measured values such as complexity, labor, how many of the requirements are met well vs poorly, how flexible, what the long term costs are, what the opportunity costs are, etc, etc. We then document our reasons and then pick one approach and then track its actuals against its projected measures. If the project goes off the rails, we then re-evaluate the approach, often just shutting it down, and do the simpler way that WILL get done. Sometimes one way is a subset of a much fuller approach.
Maybe the thing to do is to come up with three alternatives for each project then rate them according to time available, resources for the project, and other things going on. In the case of a book report, there would be three ways to do the report with simple, moderate, and long analysis. They can then say it will be x hours for one, y for another, and z for the last. They can then track their hours vs % complete and see where it is going.
There is probably a simpler way to present this.
