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[Condor-users] What is "the CPU hour"?


When browsing through Condor articles, often the term "CPU hour" appears.
Am I right that this is a somewhat sloppy computational unit?
Are the following two statements then correct?

1) The CPU hour does not tell you how much work can be done, as this also
     depends (among many other things) on the speed of the CPU; one CPU hour
     on a 1 GHz CPU does much less work, than one CPU hour on a 3 GHz CPU.

2) How many CPU hours are created by Condor, is a measure of how effective
    Condor is converting otherwise wasted computational resources.

In other words: the amount of CPU hours says more about Condors abilities,
than about the potential amount of work that can be done.

Thank you.