Module 2 :- Travel Time Valuation

and its valin ne

Time Tramportation:
Time has inherent value but gains importance through its use.
no

The value of time reflects the time

goods, services or utilities produced within a .

In transportation ,
reduced travel time significantly benefits the user .
For

instance , improved roadways save time which can be utilized for other
productive activities
.

The 2003 European Ministers of Transport conference emphasized that

time valuation standards significantly influence transport policy and infrastructure
decisions .

Categorization
of Travel Time : -
On the basis of Trip phase Travel Time can

be categorized into -

In-vehicle Travel Time (IVTT)

out of Vehicle Travel Time (OVTT)

In-vehicle
TravelTime(IT):
-

It is the time
spent inside a vehicle
Le .g, Rail, Air Water
,
or Road) It.
is determined
by deviding the Journey

-
th evatingSpeedofthe hie
length the time spent outside the vehicle,

including Parking search , walking , waiting and modal transfer.

Factors
evaluated In
Time valuation i In
assessing time valuation the

following factors are considered-

value of Travel Time
Travelers' value of Time .

Valueof
Travelme: -

When assessing the value of travel time the following

trade-offs are considered-

-Leisure
Vs Income .
-

Balancing extra earnings from work with leisure

time
forgone .

Lost
vs Seed:-.
This includes-
The choice between a fast and expensive mode and a slow and cheap
mode.
shortcut route free but route.
The choice between costly and
longer
 Proximity
Expense: - . The choice between expensive housing near

workplace and cheaper housing farther . away

#travelers' value of
Time In
assessing Travelers' value of
:
-
time He

following points are considered-

Working time produces goods it a a

time
and services
Working
:- ,
tu

trade-off:-Time money preferences vany

from
Time Money vs

vs. personi

time : - Its value

Non-work can be determined .
empirically
related Savings-the
Activity value of saved time depends on the associated

activity
.

It defined the ratio of the marginal utilities a

Time Ratio
:- is
Saving
as

Factors Travel time value :

affecting -
Amount of Travel Time
Unit value of Travel Time

affectingAmount
Factors of Travel Time : -
Trip length
Vehicle speed
weather
Vehicle Occupancy
Security concerns

Factors u
affecting value
nit of Travel Time : -

Mode and vehicle of travel Existing level of legal minimum

Trip phase (In-vehicle vs . out of vehicle) wage.

Trip purpose and urgency Travel time reduction Vs .

Trip time Travel time extension .

Trip location
Socioeconomic background
Relationship between time used for trip and
waiting time .
Elow
diagramof
factors influencing
Travel Time value . -

Trip Length
Vehicle speed

Weather
Vehicle occupancy
.
Amount of
Security concerns Travel Time

Mode of travel
In-vehicle

Out of vehicle Trip Phase

Time of Day
Trip purpose
Travel Time
Day of week Trip Time value

Season
of year
·

Local
Trip Location Unitvalue of
Intercity Travel Time

ages
Socioeconomic background
wages

occupation

Riding Time
Time used

waiting time
Legal minimum
Wage
Reduction
Extension Change in Travel Time
 Method In
Invaluation of
el Time : -
Valuation of travel time is
typically
Carried out travel between two alternative route/modes
by Comparing or

travel to another that could have taken place

Comparing economic
activity during
the travel period.
The basic concept of valuation of travel time can be determinedby
-

Time -
Cost Exchange plot
.

#lim WageRateMetho Travelers make trade-offs between timand is

cost when
choosing travel options reflecting theirrillingness to pay for specific
,

benefits. Those willing to trade off between cost and time are known as

Exchangers.
chosen mode (61) and unchosen mode (2)
Exchange ploti-Cost of is

Obtained and also time taken for the chosen mode (TI) and unchosen mode

(T2) is obtained.
Cost difference (( C-21) and time difference (T
= =

T2 T1) is calculated
and
plotted . Then the travelers are classified by
T + C
quadrants- + T, -) +
,

Quadrant-1 represents cost and Time saver. C

Quadrant-2 represents cost savers willing to spend - T -
c -
T + C
,

time .
,

3 represents costlier
Quadrant and time
consuming options
-

Quadrant
↑ represents
-
time saver
willing to pay more .

Quadrant-2 and Quadrant -

↑ represents exchangers.
Aline is drawn through the two
exchange quadrants
origin, passing through the
such that minimum number of people (points) lie below the line . This line
is referred as Joint Minimum classification (JMC) line .

Then the gradient of the JMC line is obtained.

The reciprocal of the gradient represents the Travel Time value .
 Wag-Rate
Method :- The
wage
rate method is a
simple and widely used

approach to determine the value of travel time.

It classifies travel time into two categories -

On-the-clocktime : It is the travel during working hours , performed

-

as a
part
of one's job duties
. Such as-

Attending official meetings

Taxi drivers' duty rounds

Postal on courier staff delivering items.

clock
time :- It is te travel performed by a
person for non-wort a

On-the-clock Time value includes wage rate worker benefits and productivity
,

TTONV =
W+ a
+
where,
TTONV = On the clock travel time value
W = rate per hour (Rupees/hr.)
Wage
a =
Adjustments for worker benefits (Rupees/hr) .

Vg =
value for extra goods and services (Rupees)
= Time interval

Computation
method for Travel Time :
-

Total
On The clock time :
Computation of on the clock
Computation of the cost of employees per vehicle Travel Time value
(Total compensation x Vehicle occupancy Computation of weighted on the
Clostof employees per vehicle +
Clock Travel Time value
Freight inventory value
Totalofthe
clock time :
-

Computation of drivers'travel time Computation of weighted off the

and
passengers' travel time individually clock travel time value