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RTT is figured by the sender recording when it sends the ping request and subtracts that from the time when it gets the ping reply. I.e. the delta is the RTT.
Receivers might be slow to process a ping request, so the latency isn't always just network time, it often includes the receiver's processing latency.
(NB: For Cisco's SLA "ping", the receiver immediately records when ping request is received and this usually allows the receiver's processing latency to be eliminated - providing a much more accurate network latency value.)
If you send more than one ping, in a series, the min the is the best/least time, max is the worse/highest time, and avg is the average of the series.
e.g.
If you sent 3 pings and their times were 2,2,2, min/avg/max would be 2/2/2.
If you sent 3 pings and their times were 3,1,2, min/avg/max would be 1/2/3.
