noun, plural latencies.
the state of being latent.
Computers. the time required to locate the first bit or character in a storage location, expressed as access time minus word time.

1630–40; lat(ent) + -ency Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2014.
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World English Dictionary
latent (ˈleɪtənt)
1.  potential but not obvious or explicit
2.  (of buds, spores, etc) dormant
3.  pathol (esp of an infectious disease) not yet revealed or manifest
4.  (of a virus) inactive in the host cell, its nucleic acid being integrated into, and replicated with, the host cell's DNA
5.  psychoanal Compare manifest relating to that part of a dream expressive of repressed desires: latent content
[C17: from Latin latēnt-, from latens present participle of latēre to lie hidden]

Collins English Dictionary - Complete & Unabridged 10th Edition
2009 © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins
Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009
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Word Origin & History

1630s, "condition of being concealed," from latent. Meaning "delay between stimulus and response" is from 1882; computer sense (latency time) is from 1954.
Online Etymology Dictionary, © 2010 Douglas Harper
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American Heritage
Medical Dictionary

latency la·ten·cy (lāt'n-sē)

  1. The state of being latent.

  2. In conditioning, the period of apparent inactivity between the time the stimulus is presented and the moment a response occurs.

  3. See latency phase.

The American Heritage® Stedman's Medical Dictionary
Copyright © 2002, 2001, 1995 by Houghton Mifflin Company. Published by Houghton Mifflin Company.
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Computing Dictionary

latency definition

1. The time it takes for a packet to cross a network connection, from sender to receiver.
2. The period of time that a frame is held by a network device before it is forwarded.
Two of the most important parameters of a communications channel are its latency, which should be low, and its bandwidth, which should be high. Latency is particularly important for a synchronous protocol where each packet must be acknowledged before the next can be transmitted.

The Free On-line Dictionary of Computing, © Denis Howe 2010
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Example sentences
It definitely does not establish latency in either the liver or the lungs.
For starters, latency depends on bandwidth: for a given bit rate a large file
  will have higher latency than a smaller file.
There was a slight latency problem that caused some of the game controls to
There is no weary celebration of the demonic here, no facile declaration of
  evil's universal latency.
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