From the last good part to the first good part
Changeover time starts with the last good part of the old job and ends with the first good part of the new one. It therefore covers more than swapping the tool: cooling down, disconnecting, removal, transport, installation, connecting, adjusting, start-up and the parts scrapped until release.
During this time the machine stands still. The cost results from the downtime multiplied by the machine hourly rate – and from what long changeovers force: large batches, high stock and little flexibility.