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Control Charts: What is the Average, Median, Min Time and Max Time actually tracking / representing?

At the top of the control chart are some metrics.  An example of that would be:

3w 5d 18h average   22h 58 mmedian   0 min time   25w 5d 20h max time   30 issues

1) What exactly are the Average, Median, Min Time and Max Time tracking?   

If the average is 3w 5d 18h, what exactly does that mean.  Is that 3x40 hours (3w) + 5x40 hours (5d) + 18 hours?

2) Are these numbers "effort"? or are they "elapsed time"?

3) If the answer is "effort", why is the report not using the "issues -> time tracking" settings?

Our settings are 5 days a week, 8 hours per day.  Based upon what I see, I think the answer is NO.

Thanks in advance for shedding some light on this subject.  I read the documentation, but there was no mention about these numbers.

 

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