Latency, how do you come up with the number?

in Off-Topic
How do network monitoring tools derive latency and delay on a link?
When I hear that there was 500ms delay, I wonder how it was derived. I want to know the math behind it. Is it 500ms for each KB of data, for a packet to get from source to destinatin or what?
Please show me the numbers and be my guest to be as detailed as you want to be
When I hear that there was 500ms delay, I wonder how it was derived. I want to know the math behind it. Is it 500ms for each KB of data, for a packet to get from source to destinatin or what?
Please show me the numbers and be my guest to be as detailed as you want to be

Comments
Correct. There is a million different ways to determine latency.
In my mind, I just picture data packets doing suicides like in basketball practice, there and back.
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