Abstract
The settling time is defined as the time at which the output is within some margin of the steady state value , we tend to take this value as , or The time constant of a first order dynamic system determines the Settling Time of the system.
Extra
Rise Time Peak Time Maximum Overshoot
First Order
For a First Order Step Input System (definition) we get:
So as we can see, we will reach within 5% of the at a time that is 3 times the time constant.
Underdamped Second Order
For a Second Order Step Input System (definition) we get: