Economies of Scale Answer intial Post word and then Respond to two peers dicuss

Economies of Scale
Answer intial Post word and then Respond to two peers dicussion listed below
Waiting Line Models
Study the two cases (Link Below)in bank call center and bank tellers staffing probelms and comment on the importance of the waiting line theory then give another similar case study of the application of this theory for deeper understanding of the theory.

How to predict waiting time using Queuing Theory ?


(Peer1 GB)Queing theory uses equations to studie how lines form, function, and why they malfunction. This theory examines everything involved in waiting in line includeing the arrical process, service, number of systems in place, and number of customers (2022). One of the most common occurences someone may use queing theory is with call centres. When I read about waiting line theory I thought about lines at amusement parks. I am a very impatient person but love amusement parks like Disney and Universal Orlando. I will pay additional in order to get for sense of the general term a “fast pass”. This allows me to skip the lines and go through a different enterance to speed the wait time up. Of course i’m not the only one that would pay that premium hence the reason these parks offer it. Of course Disney, has perfected the art of queing theory and has developed tools to make the most of waiting in line. First they discovered waiting in line is boring (qminder.com). That probably didn’t involve much of an investigation but figuring out the arrival process, amount of riders for a given ride, and the amount of time for that ride was more detailed. In the end Disney created an experience where waiting in line can be as entertaining as the ride itself which in turn entertains the waiting parties and reduces the stress of being in a que. This also got me thinking? Sometimes the lines can be over an hour long wait. I wonder how Disney has studied the effects of being in line and not out in the park buying snacks, food, gifts, etc. Well wait no longer. With the use of smartphones now Disney has created ways for impulse buys while waiting in those lines.
https://www.qminder.com/blog/queue-management/disney-queueing/
https://www.investopedia.com/terms/q/queuing-theory.asp#:~:text=Queuing%20theory%20examines%20every%20component,a%20wide%20range%20of%20businesses.
(Peer2 MP)
Hello Class,
Waiting line theory can help guide the logistics of many businesses, albeit not as urgently. A bank’s operations department, for example, is likely to apply queuing theory to assist it in handling more customers and avoid cases of consumers returning without entering the bank by estimating the necessary amount of personnel needed and the minimum waiting times. The bank call center can also use the theory to determine the number of servers required to reduce call waiting time. Waiting line theory is used to identify and correct process bottlenecks. People, goods, or information may be in the queue or line. They are, in any event, obliged to wait for service. That is inefficient, terrible for business, and annoying, especially when people are in the queue.
A firm can build more efficient systems, processes, pricing mechanisms, personnel solutions, and arrival management tactics by employing queuing theory to lower customer wait times and increase the number of customers that can be served. However, the use of the waiting line theory is not restricted to contact centers or banks. It also has applications in library management, railway stations, traffic systems, bank ATMs, hospitals, toll gates, computer systems, maintenance operations, etc. (Croucher & Hon, 2019).
Military aircraft maintenance is an example of a real-world application of queuing theory in process optimization. In this real-world scenario, the military must decide the optimal period for B-2 stealth bombers to be in maintenance. There are only 20 B-2 aircraft, and they must always be ready. They do, however, necessitate frequent maintenance, which can last anywhere from 18 to 45 days. Using Little’s Law would assist in determining the balance of aircraft in operation against aircraft in maintenance. According to flight schedule research, three B-2 bombers would be in maintenance at any given moment. The rate at which bombers enter maintenance is estimated to be approximately once every seven days. So: L = number of items in work in progress, A = arrival/departure rate, W= the average time spent on maintenance. Using Little’s Law results in a target lead time of 21 days for B-2 bomber maintenance to fulfil the demands of both available aircraft and regular flight schedules.
Have a great day – Michele
References
Croucher, J. S., & Hon, S. (2019). Strategic decision-making using waiting line models. International Journal of Strategic Decision Sciences, 10(3), 20–32. https://doi.org/10.4018/ijsds.2019070102