Cycle time refers to the total time taken for a pull request to move from being opened to being merged. It is composed of three parts: first response time, rework time, and merge time. First response time is the duration until the first review comment. Rework time is the period until first approval after the initial review. Merge time is how long it takes for an approved pull request to finally be merged into the codebase. The document also defines rework cycles as periods where a developer addresses review feedback and resubmits the pull request.