Little's Law

Little's Law is a principle used in queuing theory that relates the average number of items in a system (L), the average arrival rate of items (λ), and the average time an item spends in the system (W). It can be summarized with the formula: L = λ × W. In simple terms, it means that if you know how many items are in a system and how fast they are arriving, you can determine how long they tend to stay. This law is applicable in various fields, including operations management, manufacturing, and service industries.