About This Chapter
Waiting Line Models & Queueing Theory - Chapter Summary and Learning Objectives
Without competent and friendly customer service, businesses risk losing their clientele, which is why waiting line models and queueing theory have become such a prominent focus for certain industries. To better understand the ins and outs of queuing in a line, use our video lessons as a training guide to help you learn the different factors involved in these theories. As you make your way through the chapter, you will become more knowledgeable about the following:
- Situations that cause waiting line problems
- The impact of poorly managed waiting lines on businesses
- Applying queueing theory to waiting line systems
- Waiting line models
- Financial costs linked to waiting line problems
- Formulas associated with solving waiting line issues
|Waiting Line Problems: Where They Occur & Their Effect on Business||Point out the places that these problems happen and elaborate on how these issues significantly impact the professional world.|
|The Structure of a Waiting Line System & Queueing Theory in Business||Distinguish between the different types of waiting lines, go over the waiting line system structure, establish the components of the queuing system, review the Poisson distribution, and define the following terms: LCFM, FCFS, and SME.|
|Using Formulas to Identify Operating Characteristics of Waiting Line Models||Consider the use of Little's flow equations when examining the operating characteristics found within different types of waiting line models.|
|The Business Economics of Waiting Lines||Show the correlation between waiting line operation decisions and economic concerns.|
1. Waiting-Line Problems: Where They Occur & Their Effect on Business
In this lesson, we will discuss how long lines in consumer-related businesses can affect the business as well as reviewing methods that can be implemented to stop this from happening.
2. The Structure of a Waiting-Line System & Queueing Theory in Business
In this lesson, you'll learn why companies set up both virtual and physical waiting lines, and explore the different ways that those lines affect customers.
3. The Business Economics of Waiting Lines
Welcome to the business economics of waiting lines, where you will learn how to optimize the use of customers waiting in line to drive additional benefits for the customer and company.
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