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CIV5314 Transport Planning And Policy

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CIV5314 Transport Planning And Policy

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CIV5314 Transport Planning And Policy

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Course Code: CIV5314
University: Monash University

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Country: Australia

Question:
Write a report on a limited literature review covering the quantification and/or valuation of travel time savings. Your review should draw on at least five (5) articles/papers and synthesise the insight from those papers into a coherent literature review.
Answer:

Introduction 
The primary object of this literature is to outline and explain the significance and role of valuation of travel time savings. VTTS is essential part of each and every traveler to reduce and eliminate the extra cost of trips in the competitive market. VTTS is also used to maximize travel time costs and save time of the travelers effectively. The paper discusses that how VTTS may affect the profitability and revenue of travel companies and how it provides ample of benefits to the travelers. A brief literature review on VTTS has been shown in the task. More detail of the task is elaborated below.
Literature review on Valuation of travel time savings 
According to literature given by Asensio nd Matas (2008), the value of travel time saving may be defined as a cost of time spent on transport and travel. It entails costs to the businesses of time their workers and vehicles spend on travel and expense to customers of personal time depleted on the travel Carrion andLevinson, 2013). The valuation of travel time savings refers to the advantages that can be reduced from travel time costs in the competitive market. Travel time savings is generally referred to the principal benefits of a transportation project. It has been analyzed by Carrion and Levinson, (2012), travel time saving may also lead to reduction and elimination in vehicle operating costs. The valuation of travel time saving is essential to estimate and analyze the travel time unit costs. It is stated that various elements may affect the travel time unit costs like travelers, travel situations and types of trips. It is noted that travel time unit costs must be assigned to various types of travel situations and travelers.
As per Abrantes and Wardman, (2011) time is a significant and effective nonrenewable resource for travel companies. People across the world tend to dedicate approx 60 to 90 daily minutes to personal travel. The travel time cost is one of most important factors of transport economic impacts, so how they are measured effectively and significantly may affect planning decisions. It is analyzed that generally travel time worth more than fiscal costs. After the various studies, it is reported by Chang (2010), that once travel time unit costs and travel time savings are set for each and every trip, the project’s total travel time savings value could be calculated effectively and successfully (Abrantes and Wardman, 2011). These travel time savings must be implemented to travelers who made trips on the facility before the initiation of the projects. For various trips, improved and enhanced consistency of travel time generates supplementary value for the travelers. This reflects the evidence that uncertainty makes freight operators and travelers adjust their precious times to account for the ample of possibility that their trips can take longer than standard. Along with this, valuation of travel time saving reduces schedule delay and improves the reliability of trips. The valuation of travel time saving includes personal travel time, commercial travel costs and travel time unit costs (Tikousdis, 2008).
It is noted that travel time cost is highly and largely changeable: a small portion of trips take high time values, a large and various types of trips have modest to low time values and some other travel has adverse or zero time cost Carrion andLevinson, 2013).For example, overcrowded highway and crowded transit travel maintain high time value whereas the people who are preferring lower value trips would ignore such situations. On the other side, travelers or passengers who voluntarily select a slower mode in regard to favorable or attractive incentives should be better off overall and they would not want that change respectively (Small, 2012). Conventional transport measurement generally undervalues qualitative travel time cost elements while skews various planning decisions to favor maximized travel speed at the cost of the other enhancement and improvements. The true and significant value of changes in travel speed could be complex to determine and evaluate because travelers tend to have fixed travel time budgets, who are typically devoting around 70 daily minutes or 8 weekly hours to personal travel (Carrion andLevinson, 2013).
The value of travel time savings is the fiscal value attached to reductions in travelling time. Travel is considered as a middle good. People want to pay for time savings and it will further help in satisfy the needs and requirements of the travelers. The valuation of travel time savings plays a fundamental role in economic measurement of transport projects and in pricing approaches. For example in UK, travel time savings have responsible for approx 80% of the fiscal advantages with the cost benefit analysis of biggest road schemes (tikousdis.I.2008 VTTS  is the precious amount of goods or money that the people are willing to pay to minimize travel time by one unit. It also makes an effective relationship between money and time in the international market (Vtpi, 2018). Value of travel time savings(VTTS) and estimates of value of time (VOT) are crucial factors in benefits cost analyzes of transportation projects. VTTS also improves and enhances the accuracy and effectiveness of trips in the international market. Various agencies have been established for valuing and evaluating travel time savings. Most of the agencies use various values of travel time and categorize travelers into more distinct groups.
Conclusion 
On the above mentioned discussion, it is concluded that travel time is one of the biggest categories of time savings and transport costs that help in improving and enhancing the projects. The components such as travel consistency and traveler comfort could be quantified by compromising travel time cost values. The VTTS plays a major role in minimizing the risks and costs of the trips and it increases profitability and level of satisfaction of the travelers. It is recommended that travelers should identify and evaluate the travel time costs to minimize the cost of trips. Indirect methods and tools shall be used to identify and measure the VTTS in a hassle free manner. Total value of travel time shall be calculated to save time and cost.
References 
Abrantes, P.A. and Wardman, M.R., 2011. Meta-analysis of UK values of travel time: An update. Transportation Research Part A: Policy and Practice, 45(1), pp.1-17.
Asensio, J. and Matas, A., 2008. Commuters’ valuation of travel time variability. Transportation Research Part E: Logistics and Transportation Review, 44(6), pp.1074-1085.
Carrion, C. and Levinson, D., 2012. Value of travel time reliability: A review of current evidence. Transportation research part A: policy and practice, 46(4), pp.720-741.
Carrion, C. and Levinson, D., 2013. Valuation of travel time reliability from a GPS-based experimental design. Transportation Research Part C: Emerging Technologies, 35, pp.305-323.
Chang, J.S., 2010. Assessing travel time reliability in transport appraisal. Journal of Transport Geography, 18(3), pp.419-425.
Small, K.A., 2012. Valuation of travel time. Economics of transportation, 1(1-2), pp.2-14.
Tikousdis.I.2008. Value for travel time savings [Online]. Available from https://www.duo.uio.no/bitstream/handle/10852/17527/1/MASTERthesis.pdf [Accessed as on 1st October 2018].
Vtpi.2018. Transportation costs and benefit analysis II-travel time costs[Online]. Available from https://www.vtpi.org/tca/tca0502.pdf [Accessed as on 1st October 2018].

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