Let's define the key time metrics used in process scheduling:
(A) Throughput: The number of processes completed per unit of time.
(B) Turnaround Time: The total time a process spends in the system. It is the interval from the time of submission (arrival) to the time of completion. It includes execution time, I/O time, and all waiting times. Turnaround Time = Completion Time - Arrival Time.
(C) Waiting Time: The total amount of time a process spends waiting in the ready queue, waiting for the CPU.
(D) Response Time: The time from the submission of a request until the first response is produced. It's the time it takes to start responding, not the time it takes to complete.
The definition given in the question perfectly matches the definition of Turnaround Time.