I thought that the OP and others might find useful some general informations about the link beetween decay rates and widths, since, as David Z points out, this basic stuff is sometimes hard to find on textbooks.
Practical answer
When a certain particle has an empirically known lifetime $\tau$, it is customary to assign it a "width" $$\Gamma=\frac{\hbar}{\tau},$$ which, apart from the dimensional constant $\hbar$, is nothing but the decay rate of the particle.
It may sound reductive, but I think that this definition is almost everything you need to understand most of the introductory texts on High Energy Physics (HEP), which often focus on the experimental aspects rather than on the quite involved theoretical analysis of HEP processes.
Dealing with decay rates is much more practical, because in the presence of several decay channels, as in the reaction you wrote, the total decay rate is of course the sum of the rates into each single channel. The equation you quoted means that the total rate of decay of the $Z$ boson is the sum of the decay rates into the channel $e ^+ e ^-$, $\mu ^+ \mu ^-$, etc..
Decay widths in spectroscopy
Consider an atom in its first excited state $\vert e \rangle$, which decays to its ground state $\vert g\rangle$ by emitting a photon with approximate energy $\hbar \omega \approx E_e - E_g$. First order perturbation theory gives: $$\hbar \omega = E_e - E_g \qquad \text{(strict equality)}$$ and $$\frac{1}{\tau}=\dfrac{2\pi}{\hbar}\overline{\vert V_{fi} \vert ^2} \rho _f (E_g),$$ where $\rho _f$ is the density of final states, that is, the density of photon states with energy $\hbar \omega = E_e-E_g$.
Going beyond first order perturbation theory, as originally shown by Weisskopf and Wigner, shows that the energy distribution of the emitted photon is not a Dirac $\delta$, but (to a very good approximation, correct to second order I believe) a Breit-Wigner distribution: $$f(\hbar \omega)=\dfrac{1}{\pi}\dfrac {\frac{\Gamma}{2}}{(\hbar \omega - E_e -E_g)^2 + (\frac{\Gamma}{2})^2},$$ where $\Gamma= \frac{\hbar}{\tau}$.
This gives an interpretation of the term "width", since $\Gamma$ is the full width at half maximum of $f$. Furthermore, the result can be interpreted by saying that the initial state, $\text{“atom in excited state + no photons"}$, has an uncertainty in energy equal to $\Gamma$, which is reflected in the uncertainty in energy of the photon in the final state.
Line widths and exponential decay
Consider a quantum system with hamiltonian $H=H_0 + V$. $V$ is, as usual, the perturbation.
Quite generally, it can be shown (see e.g. Sakurai, "Natural line width and line shift") that the probability amplitude for a system prepared in an unstable state $\vert i \rangle$ at $t=0$ to remain in the same state is, for sufficiently large times: $$\langle i \vert \Psi (t)\rangle = \exp [-i\,\frac {E_i}{\hbar} t
-i\frac{\Delta _i}{\hbar}t], \qquad (1)$$
where $$\Delta _i = V_{ii} + \text P. \sum _{m \neq i}\dfrac {\vert V_{mi}\vert ^2}{E_i -E_m}- i\pi \sum _{m\neq i} \vert V_{mi}\vert ^2 \delta (E_i-E_m)+O(V^3). $$
The sums over states above are formal, they only make sense in the limit of a continuous spectrum at $E=E_i$, as in the case of the atom decay (note that in this case the "system" is not just the atom, but the atom+field composite).
The imaginary part of $\Delta _i$, which is just the $\frac{\Gamma}{2}=\frac{\hbar}{2\tau}$ given by first order perturbation theory, gives an exponential decay for the unstable state. Suppose that a state $\vert i \rangle$ satisfies: $$\langle i \vert e^{-i\frac{H}{\hbar}t}\vert i \rangle =e^{-i\frac{E_0}{\hbar} t-\frac{\Gamma}{2\hbar}t}.$$
If we expand $ \vert i \rangle$ in the base of the exact energy eigenstates of $H=H_0 +V$, assuming, as above, a continuous spectrum: $$\vert i \rangle =\intop \text d E \, g(E)\vert E \rangle, $$ we obtain: $$\intop \vert g (E)\vert ^2 e^{-i\frac {E}{\hbar}t}\text d E =e^{-i\frac{E_0}{\hbar} t -\frac{\Gamma}{2\hbar }t}.$$
This is consistent with $$\vert g(E) \vert ^2 = \frac{1}{\pi}\dfrac{ \frac{\Gamma}{2}}{(E-E_0)^2+(\frac{\Gamma}{2})^2}.$$
Strictly speaking, the Breit-Wigner formula for $\vert g(E)\vert ^2$ would follow exactly only if the condition:$$\langle i \vert e^{-i\frac{H}{\hbar}t}\vert i\rangle=e^{-i\frac{E_0}{\hbar}t-\frac{\Gamma}{2\hbar}\vert t \vert } $$
was satisfied for all $t\in \mathbb R $. I have never done backwards perturbation theory, but I'm assuming that the result (1) is also valid for $t<0$, with $-\Gamma t$ replaced by $-\Gamma \vert t\vert = +\Gamma t$. I'll check better this point when I have some time.
Related stuff
Here are a couple of things which are related to $\Gamma \tau = \hbar$, but which I don't want to discuss here because I'm not very prepared about them and also because I fear going off topic.
- Width of a resonance. In several situations, the cross section for a given process, as function of energy, has the approximate form of a Breit-Wigner. Furthermore, the width $\Gamma$ is related to the half life $\tau$ of the resonance via $\Gamma \tau = \hbar $. For some elementary discussions, I suggest Baym and Gottfried.
- Time-energy uncertainty relation. There are several posts on Phys.SE discussing the so called "time-energy uncertainty relation", e.g. this and this. I also recommend this short paper by Joos Uffink.