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Earlier when I first introduced Equation (1) I had stated that there was really only one assumption that needed to be in place for it to work. Well, in the interest of completeness, technically there were three. For Equation (1) we need: A steady state (i.e., that the underlying stochastic processes are stationary) An arbitrarily long period of time under observation (to guarantee the stationarity of the underlying stochastic processes) That the calculation be performed using consistent units (e.g., if wait time is stated in days, then Arrival Rate must also be stated in terms of days).