What formula is associated with Little's Law?

Little's Law is a fundamental principle in queuing theory that relates three key variables: Work in Progress (WIP), Throughput, and Lead Time. The correct formula associated with Little's Law is that Work in Progress equals Throughput multiplied by Lead Time.

This relationship indicates that the amount of work currently in progress within a system is directly proportional to the rate at which work is being processed (throughput) multiplied by the average time that work item spends in the system (lead time). It provides a clear formula to help understand how changes in lead time or throughput can impact the amount of work in progress. For instance, if you know your lead time and throughput, you can effectively calculate how much work is in progress, which is vital for managing workflow and improving efficiency in processes.

Understanding this formula is crucial for service management and operational efficiency, as it allows organizations to make informed decisions about resource allocation, capacity planning, and process improvements.