It’s a measurement of how much off the axis of rotation or out of round an object is. A case, for instance, can be out of round and will have some runout. Or, a case may be perfectly round and the neck can be off center or out of round, in which cases the neck will have some runout. Or the case body and neck may both be perfectly round and concentric but the bullet can be out of round or not seated straight, in which cases the bullet will have some runout. A perfectly round and straight bullet will also reflect any runout in the neck. That is, if the bullet in a completed round shows runout, it may be because the neck isn’t concentric with the case while the bullet itself is just fine.