Is it the same as "Time Taken (time-taken)" from IIS Logs as described here?
Time-taken is the time it takes from when IIS receives the first byte in the request until it sends out the last byte in that request. This includes network time getting to the client (for nearly all cases if you have a page that is less than 2KB, I think, that is cached) so a slow network connection will have a longer network time and thus time taken. The start time of when the first byte is received by IIS is the "time" field and the finish time when IIS sends out that the last byte is the "time" field + the "time-taken" field