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Queueing theory, as the name suggests, is the understanding of queues or the processes that involve waiting. It deals with the study of certain random processes which influence the queues. Queueing theory is concerned with the implementation of mathematical functions to describe a real-life situation. Being well-versed with its basic definition is very important to be able to correctly frame Queueing Theory Homework Solutions.
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Basic understanding of Queueing Theory
Queueing theory involves a mathematical approach to evaluate the waiting time or the congestion waiting in line. This theory includes the close investigation of every factor that affects the event of “waiting in line”.
Since Queueing theory has an important application in devising monumental business decisions and workflow strategies, it amounts to be a significant part of managerial studies.Students pursuing a course in business or financial management are required to have a clear concept of this subject matter in particular.
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The parameters affecting the “wait in line” event consist of-
- Arrival process
- Service process
- The count of servers operation at a time
- The number of systems functioning
- Lastly, the total number of consumers or customers
On facilitating a detailed scrutiny of these parameters, queuing theory helps to arrive at feasible business resolutions. It helps to construct a profitable, cost-effective and functionally efficient workflow system.
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