Overview Impact Of Application Of Queuing Theory Model On Productivity Performance In A Banking Sector

Abstract

Abstract Banking sectors have perpetual queues owing to the significance of the services they render to humanity and this poses a merging challenge of queue management in the execution their jobs and in the effective delivery of services to their customers. The study focuses on the role of queuing theory in the banking sectors thus far from pedigree of queuing theory till date. This study used the historical approach to juxtapose the likelihood of the impact of queuing in the various activities in the banking as seen in the regular applications to established areas of telecommunications systems and engineering. The outcome of this review espouses that a few approaches have been applied to sort the problems encountered in the banking sectors for needful improvement. Some of these approaches are ANN (Artificial Neural Network), BPR (Business Process Reengineering) M/M/1, M/G/1 and the Erlang B&C formulas for the management of excessive bank reserves and customer queues in terms of waiting times and economic cost. These approaches have been able to improve the performance of the banking sector to an extent, however there is still a couple of limitation regarded as external factors that varies from one banking system to another and lots of works are needed to further combat the problems faced by the banking sectors.