Top 5 Timed Events
~~~~~~~~~~~~~~~~~~                                                     % Total
Event                                               Waits    Time (s) Ela Time
-------------------------------------------- ------------ ----------- --------
CPU time                                                        2,911    74.26
db file sequential read                           388,744         397    10.13
db file scattered read                            124,211         254     6.48
direct path read                                  412,291         153     3.89
global cache cr request                           689,368         120     3.05
          -------------------------------------------------------------

So it means that the application is CPU Bound as CPU waits are 75%. Is this conclusion correct. and in this case to reduce the CPU waits I should identify the SQLs that cause max. load on CPU and try to tune it right?

Now the section on "SQL ordered by Gets for DB" contains the following:

SQL ordered by Gets for DB: db1  Instance: inst1  Snaps: 10162 -10163
-> End Buffer Gets Threshold:   10000
-> Note that resources reported for PL/SQL includes the resources used by
   all SQL statements called within the PL/SQL code.  As individual SQL
   statements are also reported, it is possible and valid for the summed
   total % to exceed 100

                                                     CPU      Elapsd
  Buffer Gets    Executions  Gets per Exec  %Total Time (s)  Time (s) Hash Value
--------------- ------------ -------------- ------ -------- --------- ----------

BEGIN dbms_stats.gather_schema_stats('Schema1',estimate_percent=>nul
l,cascade=>true,method_opt=>'for all indexed columns size auto',
granularity=>'all'); END;

      1,559,149            1    1,559,149.0   14.9  1200.86   1541.56  797380495