It is both. Sometimes you have to convert the measurement values, and that means calculation (e.g. my flow sensor puts out 9000 rpm-ish, and I have to divide that by 6000 to get litres/minute).
Also (if you're a real cooling ubergeek, like, say, Bill A.) you can calculate expected flow from variables such as pump capacity/head, flow resistance etc.
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"There is a thin line between magic and madness"
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