Queueing theory studies waiting lines and delays. It can be used to analyze systems like emergency rooms with patients waiting for service. Models represent the input of customers, the queue where they wait, and the service process. In an M/M/1 model, arrivals and service times follow exponential distributions, there is one server, and customers are served in order of arrival. Key metrics include the expected length of the system, length of the queue, and waiting times in both the system and queue. Queueing theory provides insights to reduce delays by adjusting staffing levels or other factors.