yes this formula is correct...generally this scheme of scheduling gives priority to both the process which has less burst time as well as if a process has waited long to get schedule....
MEANING: when process has very small burst time.....then by formula..(W+B)/B.. we have high HRRN as denominator is less so the calculation leads to large value...and we assign that process
similarily when a process waits for more time ..it may leads to starvation..but in this scheme...again high waiting time leads to hight value of HRRN ...so we schedule that process..
MOST IMPORTANT:at first go we always schedule 1st process that comes..(if more than one are there at time 0 assign process as PROCESS ID)...once you schedule that one ...now calculate HRRN for each one and assign process with high HRRN.....continue process..