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The "Estimated Hours" field/column is what you use to make an estimate of how long some task will take. However, when you say "1d" or "1w" (short for "1day" or "1week") you're usually not talking about a full 24/7.

Most of the time one day refers to 1 working day, and 1 week refers to a 5day workweek.

However, some people like to set their days to the full 24 hours, others 7.5 hours.

Now you can set your own if you want to.