real-time - Pertaining to a system or mode of operation in which computation is performed during the actual time that an external process occurs, in order that the computation results can be used to control, monitor, or respond to the external process in a timely manner. [IEEE Standard 610.12.1990]
I know this definition is old, very old. I can't, however, find a more recent definition by the IEEE (Institute of Electrical and Electronics Engineers).