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A lot depends on what the PM is expected to do, the degree of administrative overhead imposed by governance standards, the complexity of the project, the number of key stakeholders requiring regular interaction and the life cycle or approach used to deliver the project.
in my experience it does not so much depend on industry but on project complexity/size/importance. As a rule of thumb I would say a team of 8 full time team members requires a full time project manager.
There are PMs that manage multiple and rather small projects, often they have a portfolio for one customer, a common team for those projects, and take on non-PM roles in those projects (like business analyst, sales rep, architect). Or for one product.
I do agree with Kiron. It depends.
In my personal experience I was (and I am) program/project manager for projects in multiple domains. How much projects at the same time? It depends on the organization culture. The accepted percentage is the project manager will spend 20%-25% of total project duration time performing project management activities. So, it could be 4 at the same time.
I've gone from having seven projects at the same time to being dedicated for a single project for years.
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