Project Services Queuing Theory

Understanding and solving customers queuing for service is important. Queuing theory helps to analyse and design an optimal system. 3 min video.

Queuing Theory Introduction

Queues are a common every day experience and form because resources are limited. Economically it makes sense to have queues as the cost to prevent a queue from forming is prohibitive. However, not enough resources causes increased customer frustrations and inevitable opportunity cost of lost business. Hence the aim is to achieve a balance between providing a good service versus the cost to do so.

The video below helps provide an introduction to queuing theory which will be expanded upon in subsequent blogs that focus on simulating queuing behaviour.

 

 

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If you would like to know more about leveraging data-driven actionable insights for your project portfolio, then feel free to contact me on itierney@pminsight.com.au.

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