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I think the model does not account for the price of the context switching between tasks. If you have lot of routine tasks, the sum of the time spent on them will be much less than your work time. Switching between them costs time and energy.

If you spend more time maintaining/developing/filling-in the mechanisms of the tracking system than actually accomplishing something of value - it is waste (Lean Thinking - philosophy). There is a point of negative return based on optimizing processes/tasks which are within standard deviation differences each time the task is run...waste (Leading Lean ...

Instead, I want to know what are the top choices for activities that I can shave time off of? Uhm, internet procrastination? Some people could easily save hundreds of hours each month just by that. Focus on those things that take most of your time.

http://www.topcoder.com - This is a good site to understand where we stand as developers. The site has a lot of coding/design challenges. Most of them are real world cut-outs. So, you can get a very realistic estimate.