Time can be analyzed from two different points: objective and psychological. When we talk about time that can be measured with a stopwatch, we’re talking about objective time, or clock time. Objective time, though, is usually different from how users perceive time while waiting for or interacting with a website or app.
When we talk about the user’s perception of time, we mean psychological time, or brain time. This time is of interest to psychologists, neuroscientists and odd individuals like me. Objective time is dealt with by technical means, and those means have limits — whether financial, technical or otherwise — that become insurmountable at some point.
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Source: Smashing Magazine