The Value of the Customer's Waiting Time for General Queues*

We have developed a measure of the value of the customer's waiting time that is applicable to all queuing systems. Since the birth of the modern queuing theory over 100 years ago, this measure is the first addition to the list of the measures of performance of general queues that includes the servers’ utilization factor, the expected queue length, the expected waiting time, and some variations of the last two. The curves for trade‐offs between...