Actual time spent on query VS "time" column of execution plan

we have a query, which when executed with SET TIMING ON, gave us the elapsed time to be 47 micro seconds
 
SELECT PROCESS_DATA_SEQ_NBR, PROCESS_QUEUE_SEQ_NBR,CREATED_BY,
CREATED_DATE, MODIFIED_BY,MODIFIED_DATE, STATUS_CD
FROM PROCESS_DATA
WHERE (PROCESS_QUEUE_SEQ_NBR = &3);

Elapsed: 00:00:00.47

Execution Plan
----------------------------------------------------------
Plan hash value: 280225079

----------------------------------------------------------------------------------
| Id  | Operation                     |Name                   | Rows  | Bytes | Cost (%CPU)|     Time     |
----------------------------------------------------------------------------------
|   0 | SELECT STATEMENT  |                            |     1    |    35 |  9147   (1)       | 00:01:50 |
|*  1 |  TABLE ACCESS FULL| PROCESS_DATA |     1    |    35 |  9147   (1)       | 00:01:50 |
----------------------------------------------------------------------------------

Statistics
----------------------------------------------------------
          0  recursive calls
          0  db block gets
      41147  consistent gets
          0  physical reads
          0  redo size
        985  bytes sent via SQL*Net to client
        492  bytes received via SQL*Net from client
          2  SQL*Net roundtrips to/from client