What are the costs associated with waiting for service in a queueing system called?

The costs associated with waiting for service in a queueing system are referred to as the Cost of Waiting For Service. This term encompasses several facets of disruption caused by delays, such as the potential loss of customers who may decide to leave the queue, the opportunity cost of time spent waiting rather than engaging in productive activities, and the negative impact on customer satisfaction.

Understanding this concept is critical in operations management, as reducing the Cost of Waiting For Service can lead to improved efficiency, enhanced service delivery, and ultimately greater customer loyalty. This term directly reflects the implications of customer wait times in a queue, emphasizing the financial and experiential costs that accumulate as customers remain in line, making it the most fitting option in this context.