Latency
It is the measure of a duration
The duration for an action to complete something or produce a result.
ie for data to move from one place in the system to another
You may think of it as a lag
most commonly understood latency is the "round trip" network request
how long does it take for your client to send a query to your server, and get a response back from the server.
Low latency is for this action to take as little time as possible
Fast lookups means low latency.
So finding a value in an array of elements is slower (higher latency, because you need to iterate over each element in the array to find the one you want) than finding a value in a hash-table (lower latency, because you simply look up the data in "constant" time , by using the key. No iteration needed.).
reading from memory (low latency) is much faster than reading from a disk (high latency)
latency is the inverse of speed.
You want higher speeds, and you want lower latency.
Speed (especially on network calls like via HTTP) is determined also by the distance.
ie trade offs: you want to design a system to avoid pinging distant servers, but then storing things in memory may not be feasible for your system.
ie websites that show news articles may prefer uptime and availability over loading speed,
ie online multiplayer games may require availability and super low latency.
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