time constant

/T AY1 M K AA1 N S T AH0 N T/
noun
  1. 1

    A characteristic of an exponential function, represented by τ in the function:

  2. 2

    The time in which a physical system's response to a step-wise change in an external variable reaches approximately 63% of its final (asymptotic) value.

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Source: https://en.wiktionary.org/wiki/time%20constant