Queuing model for single server system

Queuing theory is widely used and applied in the field of operations management. Decisions about resources and assets to deploy in service industries like banking, hospitality, travel and federal offices are based on applications of queuing theory. There are several queuing or waiting line models available which can be applied to specific situations.
This solution is part 1 in which single server queuing model is explained in detail with the example of a bank.

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...- Entities / Customers are willing to wait

Before deep dive in single server system let us look at some basic terminologies of queueing theory.
- Line length: Number of entities (for example customers) waiting to be processed or served. Efficiency of the process and need for the capacity can be assessed through length of the queue. Shorter queue indicates greater efficiency or excess capacity. Longer queue indicates lower efficiency or need for additional capacity
- Number of entities in the queue: Another indication of process efficiency. Larger the number of entities to be processes ...