Queuing theory is the mathematics of waiting lines and is useful for predicting system performance. It models processes where customers arrive, wait for service, are serviced, and leave. Key elements include the arrival process, queue structure, and service system. Common applications include telecommunications, traffic control, and health services. Characteristics like arrival patterns, queue discipline, and service times are analyzed. Models can be deterministic or probabilistic and include metrics like average wait times, number of customers in line, and server utilization. Managing queues effectively requires understanding customer wait times and segmenting customer flows.