Trade-off between Waiting Cost and Service Cost through Waiting Time Analysis: An Application of Single Server Single Phase Single Line Model.

Abstract

Abstract: Application of waiting time analysis has got significant importance in business in recent years as the theory of constraints become customary. Customers' servicing requirements are increasing day by day and business houses continuously failed to provide demanded services due to high cost of providing services. So, waiting line becomes unexpectedly long that brings dissatisfaction for service recipients. In this paper, an application of single server single phase single line model is presented with an example to make a trade off between waiting cost and service cost so that customers can avail optimal services at the lowest possible cost.