Hello!
I want to ask for some input.
I am currently working on a feasibility study regarding the best kind of transport that I should take when traveling either by land or water from one place to another.
I have the following data:
1. Transportation Vehicle type
2. Travel time
3. Travel cost
4. Routes
5. Travel type (land or water)
Question: What statistical tool should I use for me to make a decision as to which is more preferable for travel (by land or water)? Do you have other suggestions as to how I can better relay information from the data I have gathered?
Your advice or suggestions will be greatly appreciated!
This sounds like a standard discrete choice problem where you choose a vehicle type based on its travel feature. Multinomial Logit model should perform well in these kind of experiments.
One suggestion I have here is that the choice of a vehicle type will not only depend on the travel time, it will also depend on the reliability or variation in travel time. If possible, include this information in your experiment.
There are several possibilities, my suggestion would be correlation and regression analysis.