How is Memory Access Time of Processor calculated?
The 8088 is $16 bit$ microprocessor with $8 bit$ data bus, it requires $2$ cycles to access word. During the second read counter is automatticaly incremented. In 8088 $1$ cycle is needed to apply valid physical memory address (and read or write). The missing $1$ cycle is for preparation. The cycles are not calculated, simply read from specification steps performed.

Cycle:  


acquire valid address to address bus.  
RD (or WR) signal is issued, DEN is asserted (if WR then data is put onto the data bus). DEN connects data bus buffers to external data.  
allow memory to access data, if RD the data bus is sampled ot the end of cycle.  
bus signals are deactivated, data sampling is finished (RD). If WR data is transfered to memory.