Hi,
today I will show you relationship between Duration and Effort in Project for the Web.
I will first create simple Project:

Now I will assign me, and Ellen to Task with Resources:

and I will get:

As you can see, effort is 80 hours! And this is because me and Ellen are going to work 5 days, 8 hours per day, e.g. 5 days * 8 hours per day each = 40 per person, in Total = 80 hours! Now I will change effort to 32 hours:

and when I hit Enter, I will get:

The Duration is 2 days, because 32 hours (effort) is divided between me and Ellen, so each will work 32 hours / 2 persons = 16 hours, and because we are going to work 8 hours per day, duration is 16 hours / 8 hours per day = 2 days!
So, to conclude this part, if you have a Task with Resources assigned if you change duration , effort will be calculated and vice versa.
Now, I’m going to put 32 hours in effort field for Task without Resources, an when I hit Enter key, I will get:

As you can see, Duration is the same = 5 Days! I will now change the Duration to 100 Days, and I will get:

As you can see, Effort remain the same (e.g. 32 hours).
To conclude, if the Task has assigned resources, Effort and Duration are connected according to formula: Effort = SUM(8 hours per day * Duration for all Resources). On the other hand, if Task has no resources assigned, Effort and Duration are not connected, and when you put some value into Duration, Effort will be unchanged and vice versa.
Regards.
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About Nenad Trajkovski
Location: Zagreb, Croatia
Occupation: Project Manager
Interests: Project Management and MS PROJECT
He was born in Zagreb, Croatia at 1963. After completing his college he started working on projects in different business areas (banking, manufacturing, automotive industry, distribution, oil companies, etc.) developing and implementing ERP systems into different companies. He has got a lot of experience working with people in different business processes and also possesses great knowledge in information technologies and financial services. Today he works as a business consultant, adn Project Manager in PERPETUUM MOBILE d.o.o. Zagreb. He is a regular lecturer for Project Management in MS Innovation Center in Varaždin, Logosoft Sarajevo in Bosnia and Herzegovina and SEAVUS GROUP in Skopje Macedonia. He was named the best lecturer of WINDAYS 2008 while his lecture was also voted as the best. In addition, he was in TOP 10 lecturers at the MS SINERGY 2009 and MS VISIA 2009, 2010. Shares first place as the best lecturer of KulenDays 2009 and 2010 and PMI Conference 2009 in Zagreb. He is also a regular lecturer in the MS Community. He is a Certified Accountant and a PMP (Project Manager Professional) and a PMI-RMP (Risk Manager Professional), MCP, MCT, and Microsoft Certified Technical Specialist - Microsoft Project 2010. From 01.01.2012 awarded with MVP (Microsoft Most Valuable Proffesional - Microsoft Project)!