wall time

from Jargon File (4.4.4, 14 Aug 2003)
wall time
 n.

   (also wall clock time)

   1. `Real world' time (what the clock on the wall shows), as opposed to
   the system clock's idea of time.

   2. The real running time of a program, as opposed to the number of
   {tick}s required to execute it (on a timesharing system these always
   differ, as no one program gets all the ticks, and on multiprocessor
   systems with good thread support one may get more processor time than
   real time).
    
from The Free On-line Dictionary of Computing (8 July 2008)
wall time

   (Or "wall clock time") 1. "Real world" time (what the clock on
   the wall shows), as opposed to the {system clock}'s idea of
   time.

   2. The real running time of a program, as opposed to the
   number of {ticks} required to execute it (on a {time-sharing}
   system these always differ, as no one program gets all the
   ticks, and on multiprocessor systems with good thread support
   one may get more processor time than real time).

   [{Jargon File}]
    

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