Service Level Optimization

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August 25, 2024 3 min read Definitions

Queuing Theory: Quantitative Technique for Balancing Services

Mathematics Economics Queuing Theory Waiting Line Theory Service Level Optimization Capacity Management Operational Efficiency

Queuing Theory, also known as Waiting Line Theory, is a quantitative technique used to balance services available with services required. It evaluates the ability of service facilities to handle capacity and load at different times of the day. This theory is useful in addressing problems related to balancing cost and service level, such as determining the optimal number of toll booths on a highway and the number of tellers in a bank.