What does effort mean in mining pools for new blocks?

When you're mining a block in a pool, you usually get some stats like the block height, the difficulty level you worked with, and more. I get most of that, but I’ve noticed some pools show a thing called effort, which is a percentage. This figure can vary a lot, sometimes even going over 100%, like 1726% or maybe just 6%. So, what exactly does this effort percentage represent?

Iirc from the days I've been mining it's a wildly rough estimation based on the time needed by that pool to find the previous block or blocks. A simplistic math would say that if that pool got previous block in 2h and now they're mining for 1h, then it's 50% of their estimated effort. If 3h have passed and still no block found, then it's 150%.

What pool are you talking about that has an effort metric? Isn't that the pool shares? I research a bit and I think this one should explain what is this metric read the few texts quoted below. So effort means endeavor/exertion.