Benchmarking Project Mmgt Effort
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Speaking as a PM who might have put together the number from the opposite side, there are a number of ways the effort could be derived.
One way is to base the effort on a percentage of the overall project effort. This can result in a very large number. I find this method is used if theres a fair degree of project risk that makes it difficult to calculate a firm number.
Another way is to calculate how many days per week a PM intends to spend on a project. For instance, I might average 2 days a week managing a project over the project life cycle of 26 weeks = 52 man-days (416 hours). This number can fluctuate depending on the skillset of the team, the complexity of the project, reporting requirements, etc.
Finally, sometimes PMs assign time to resources for meetings and client communication, which sometimes get included into a total PM effort.
While this doesnt answer your question (ie similar project) I hope this helps you out in at least understanding how that number could be generated.
Rubin Jen, P. Eng, PMP