There are two scripts provided with Oracle that allow the wait events to easily be seen Oracle keeps cumulative statistics in several tables. The statistics are cumulated from open of the database. In order to see the activity of a given period say from time A to time B, one had to take the values of the statistics at time A and then substract the values at time B. This is exactly what utlbstat/utlestat do. When you run utlbstat it creates a set of temporary tables that it fills with the values from the statistic tables. When utlestat is run, the values in the temporary tables are subtracted from the current values and the output is saved in a file called report.txt

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to run:
$ svrmgrl
Oracle Server Manager Release - Production
Copyright (c) Oracle Corporation 1994, 1995. All rights reserved.
Oracle7 Server Release with the 64-bit option - Production Release
With the distributed and parallel query options
PL/SQL Release - Production
SVRMGR> connect internal
SVRMGR> @?/rdbms/admin/utlbstat

wait some period of time, run your problem queries you want to tune, etc

SVRMGR> @?/rdbms/admin/utlestat
SVRMGR> exit

The file report.txt contains several sections in this order (I think the order is different for different versions, and I think v$waitstats was added in 7.3) With the resulting file of some several hundred statistics, the big question is ...
Well, no(w) sweat. The is a short section that called the wait events that will quickly point out tuning problem areas and eliminate other areas as no problems at all. After having verified wait events, it is also worth while to look at a few statistics if you haven't already done so while interpreting the wait events. and thats it, more or less. There is little need to look at the other sections of report.txt if the wait events section and statistics section did not point out any problems in those areas.