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Slip and panic, having wasted time (5)

Ross

I believe the answer is:

error

I'm a little stuck... Click here to teach me more about this clue!

'wasted time' is the definition.
The definition and answer can be both human attributes as well as being singular nouns.
Maybe there's a link between them I don't understand?

'slip and panic' is the wordplay.
'slip' becomes 'err' (synonyms).
'and' says to put letters next to each other.
'panic' becomes 'or' (I can't justify this - if you can you should give a lot more credence to this answer).
'err'+'or'='ERROR'

'having' is the link.

Can you help me to learn more?

(Other definitions for error that I've seen before include "Faulty judgment" , "heresy" , "Mistake, lapse" , "Slip, mistake" , "Faulty judgement" .)

I've seen this clue in The Times.
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