Software was found lo take much more time than the stated requirement of less than...

A failure is an event in which a component or system does not perform a required function within specified limits. A failure is observable by the software users or other stakeholders. A failure is caused by one or more defects in the software. In this case, the software not being able to meet the desired response time is an example of a failure, as it deviates from the stated requirement and affects the user experience. It is not a defect, which is a flaw in the software that causes the failure. It is not an error, which is a human action that produces an incorrect result. It is not a non-defect, as it clearly violates a specified requirement. Verified References: [A Study Guide to the ISTQB® Foundation Level 2018 Syllabus - Springer], Chapter 1, page 4.