There are 2 parts to calculating times and subsequently results within RACE RESULT 14, firstly the collection of raw timing data - which is then assigned to a Timing Point, and secondly the calculations which define how this raw data is used either through Splits or Special Results. 

Even if you only have a single timing point for the finish, you will still need at least one Split or Special Result setup in order to calculate the actual race times. 

Whether you use Splits or Special Results depends on the type of event you are timing and the complexity of any additional requirements you may have for scoring. In some cases, such as the Biathlon template, you may even combine Splits and Results. 

Both Splits and Special Results reference to T0, this is the official start time which will be used for calculations, this will be covered more when looking at Timing an Event.

When timing there are two possible methods to score participants, which you use may depend on the type of event you are timing or how the start is handled. It is still possible to display both Gun Time and Chip Time in your results, but the rankings will be based on one of the two options. 

Gun Time - Times are calculated from the official start (T0) to when participants cross the finish line for all participants.
Chip Time - Times for each participant are calculated from when they cross the start line, their individual chip start, to when they cross the finish line. 

Splits and Special Results are always calculated dynamically, so it is even possible to make changes during the event. When doing so everything will be automatically recalculated for all participants.