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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.
This type of high-resolution forensic analysis can help to detect latency problems at the highest level and drill down quickly for a closer look. Ideally, network latency and application latency measurements can be graphed together over time.