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Cycle time is the total time from the beginning to the end of your process, as defined by you and your customer. Cycle time includes process time, during which a unit is acted upon to bring it closer to an output, and delay time, during which a unit of work is spent waiting to take the next action.
In a nutshell – Cycle Time is the total elapsed time to move a unit of work from the beginning to the end of a physical process. (Note, Cycle Time is not the same as Lead Time).