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In terms of network latency this can be defined by the time it takes for a request to travel from the sender to the receiver and for the receiver to process that request. In other words, the round trip time from the browser to the server.
Computer and operating system latency is the combined delay between an input or command and the desired output. In a computer system, latency is often used to mean any delay or waiting that increases real or perceived response time beyond what is desired.