Queuing or waiting line analysis is a method for providing managers with the information needed to make decision about how efficiently there operations are performing. I present two examples of how waiting line analysis can be used in daily operations.
How is use Queuing and Waiting Line Analysis?
Queuing or waiting line analysis is as old as commerce itself. How to maximize return on investment while minimizing the amount of time it takes to earn money is a simple definition for waiting line analysis? On the website (Wikipedia) we find a more formal description on waiting line analysis,
“The theory enables mathematical analysis of several related processes, including arriving at the (back of the) queue, waiting in the queue (essentially a storage process), and being served at the front of the queue. The theory permits the derivation and calculation of several performance measures including the average waiting time in the queue or the system, the expected number waiting or receiving service, and the probability of encountering the system in certain states, such as empty, full, having an available server or having to wait a certain time to be served. Queuing theory has applications in diverse fields, including telecommunications, traffic engineering, computing and the design of factories, shops, offices and hospitals,” (www.wikipedia.com).
The statement, “Time is Money” describes the purpose of waiting analysis in everyday language. Waiting line analysis can be used as a tool that will allow management to gather the effectiveness of their services operations. We conduct waiting time analysis because studies have found the customers if given the choice will seek out services and make purchases and vendors that are able to satisfy their needs in...