Ping scan is a quick type of scan that only finds out whether the target is up—it does not scan for ports.
This scan is potentially useful in situations when you're unsure whether the target is up or not to perform more time-consuming actions on it and not waste the time waiting for the results.
In this case, the host seems to be up with 0.014 s latency. In case you don't know, latency is the delay from input into a system, to the desired outcome. We generally recognize three types of latency: Internet, WAN, and Audio latency.