Duration refers to the length of time that something lasts. In various contexts, it can describe the time taken for an event, the lifespan of an object, or the period during which a particular condition exists. For example, in music, duration indicates how long a note is held, while in finance, it can refer to the time until a bond's cash flows are received. In the context of finance, duration is a key measure used to assess the sensitivity of a bond's price to changes in interest rates. A longer duration typically means greater price volatility, while a shorter duration indicates less sensitivity. Understanding duration helps investors make informed decisions about their portfolios.