Queuing theory is the mathematical study of waiting lines in service systems where customers arrive for service. Some key concepts include arrival and service rates, queues, queue lengths, waiting times, and models like the M/M/1 model. The M/M/1 model describes a system with Poisson arrivals, exponential service times, and a single server. Formulas are provided to calculate values like the probability of no customers, average queue length, and average waiting times in both the queue and system for the M/M/1 model. Several examples demonstrate how to apply the M/M/1 model and formulas to calculate performance measures for queuing systems.