Use of Monte Carlo Simulation for Analyzing Queues in a Financial Institution - A Case Study

Abstract

Extensive queues are big issues for financial institutions and also for the customers. Because of this, the objective of this study is to analyze queues in a financial institution in its several sectors. Statistical modeling in Monte Carlo simulation using Microsoft Excel was applied to analyze the queues in different days of the week and in different situations that include general customer service, business customer service, and drive-through customer service. During the study, some issues were found due to the number of tellers who serve these queues but simple and appropriate solutions were proposed for providing good service to the customers and minimizing waiting time of the customers in the queue.