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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.
Accuracy and close monitoring of the performance and results of the test is the primary characteristic of performance testing. For instance, you can test the application network performance on Connection Speed vs. Latency chart. Latency is the time difference between the data to reach from source to destination.