Queuing theory is a mathematical study of waiting lines that enables analysis of processes like arriving at and waiting in queues. It was developed in 1903 and analyzes shared facilities that many jobs or customers need access to for service. Examples include waiting lines at cafeterias, hospitals, banks, theaters, and airports. Queuing theory looks at characteristics like service centers, service channels, customers, and queues. It has applications in areas like manufacturing, traffic control, inventory control, and more.