an act or instance of slipping.
an amount or extent of slipping.
failure to maintain an expected level, fulfill a goal, meet a deadline, etc.; loss, decline, or delay; a falling off.
Machinery. the amount of work dissipated by slipping of parts, excess play, etc.

1840–50; slip1 + -age Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2014.
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World English Dictionary
slippage (ˈslɪpɪdʒ)
1.  the act or an instance of slipping
2.  the amount of slipping or the extent to which slipping occurs
3.  a.  an instance of not reaching a norm, target, etc
 b.  the extent of this
4.  the power lost in a mechanical device or system as a result of slipping

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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Example sentences
Sidewinding reduces contact between the snake's body and the ground, minimizing
  slippage on loose soils.
Every advance was followed by slippage and obstruction before, at long last,
  the job was done.
If so, you'll have to due pairwise comparisons to identify the statistical
  differences which will result in more alpha slippage.
There appears to be no single explanation for the slippage.
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