Queuing theory is a collection of mathematical models used to analyze systems with random variability in demand and service times, like customer arrival times at service facilities. Queues form when demand exceeds service capacity, meaning customers must wait for service rather than being served immediately. Queuing models help determine optimal levels of service, like the number of cash registers or repair technicians needed. Key components of queuing systems include the input source (size, arrival patterns), service system configuration (number of servers/queues), and service speed (rate or time).