The SQL Server DMV sys.dm_os_wait_stats is a well established DMV , used heavily in troubleshooting performance problems in SQL Server.
The DMV is an aggregated view on all the sql server wait types . When a thread is executed part of the runtime are waits. sys.dm_os_wait_stats presents the wait type aggregates. It is also possible to break down the waits at a query level.
It’s useful to understand the meaning of the columns.
According to the MSDN web site
Wait_time_ms Total = wait time for this wait type in milliseconds. This time is inclusive of signal_wait_time_ms
signal_wait_time_ms = Difference between the time that the waiting thread was signaled and when it started running
It is useful to split the wait_time_ms into sub components. By subtracting signal_wait_time_ms from Wait_time_ms it is possible to differentiate between when a thread is waiting for a resource to become available allowing the thread to progress versus when a thread has the resources available and is waiting for CPU.
To understand the meaning behind these concepts read SQL Server RUNNABLE – SUSPENDED – RUNNING status model ...
Some more useful reading on wait type analysis