If the flow is steady and conservative, the mean residence time equals the ratio between the amount of fluid contained in the control volume and the flow rate through it:
This ratio is commonly known as the turnover time or flushing time. When applied to liquids, it is also known as the hydraulic retention time (HRT), hydraulic residence time or hydraulic detention time. In the field of chemical engineering this is also known as space time.
The residence time of a specific compound in a mixture equals the turnover time (that of the compound, as well as that of the mixture) only if the compound does not take part in any chemical reaction (otherwise its flow is not conservative) and its concentration is uniform.
Although the equivalence between the residence time and the ratio  does not hold if the flow is not stationary or it is not conservative, it does hold on average if the flow is steady and conservative on average, and not necessarily at any instant. Under such conditions, which are common in queueing theory and supply chain management, the relation is known as Little's Law.