Location: Represents a physical location at which you collect timing data. For example you may have a single location you name 'Start and Finish', which participants cross both at the Start and the Finish. Or you may have separate locations, as well as a number of intermediate points. A location can be assigned one or more timing units, physically positioned at this location. You may name the locations anything you like.
Timing point: A timing point is the point where a specific time is recorded. For example a single location called 'Start and Finish' can be the physical location for recording a start time and a finish time. In this case you must create two timing points (Start and Finish) in the system.
Timing Unit: An electronic device that records the time of every participant crosses it - typically a timing box connected to an antennas in a mat, reading a chip/tag/transponder carried by the participant.
Raw time: The time registed by a timing unit when passed by a chip/tag/transponder carried by a participant
Computed time: A calculated time based on the boundary conditions dictated by the physical setup and the race setup. For example the computed Finish time could be the difference between the raw time at the Start-timing-point and the raw time at the Finish-timing-point.