Mean Flowtime and Inventory in Production Systems: A Finite Time Analogue to Little’s Law
Document Type
Article
Publication Date
9-2004
Publication Source
International Journal of Production Economics
Abstract
One of the most important results regarding flows in production systems is the well-known formula L=λW, commonly referred to as “Little's Law”. Whereas the formula pertains to steady state averages, we show here that it has a finite analogue, i.e., there is another “law” for the case of a finite time interval. The analogue has practical economic value as it provides a precise reconciliation of average inventory and time-in-system over a finite time interval—sometimes more relevant than “steady state” averages. Examples of the usefulness of the law in practical managerial situations are provided. An additional result is to show how the analogue leads to a straightforward proof of Little's Law that requires minimal assumptions.
Inclusive pages
37–46
ISBN/ISSN
0925-5273
Copyright
Copyright © 2004, Elsevier
Publisher
Elsevier
Volume
91
Issue
1
Peer Reviewed
yes
eCommons Citation
Kanet, John J., "Mean Flowtime and Inventory in Production Systems: A Finite Time Analogue to Little’s Law" (2004). MIS/OM/DS Faculty Publications. 19.
https://ecommons.udayton.edu/mis_fac_pub/19
COinS
Comments
Permission documentation is on file.