The time-table design is one of the complex issue to model, design and then operate in transportation system. The bus running time mainly depend on different parameters, e.g usually we allow 2-3 minute to each km inside city, and outside of city the time could be less then 2 minute, as there is no obstacle. so first then you need to analyze the city transportation network, and then you need to specific the route for which you are going to generate the time table, you can see the different intersection and calculable the signal time at the each intersection, then you can model the time table according to intersection study. Generally 7% is the optimum running time.
Here are some references which are relevant to your question.
-Deng, Taotao, and John D. Nelson. "Recent developments in bus rapid transit: a review of the literature." Transport Reviews 31, no. 1 (2011): 69-96.
- Cantwell, Mairead, Brian Caulfield, and Margaret O’Mahony. "Examining the factors that impact public transport commuting satisfaction." Journal of Public Transportation 12, no. 2 (2009): 1.
- Furth, Peter, and Theo Muller. "Part 4: Capacity and quality of service: Service reliability and hidden waiting time: Insights from automatic vehicle location data." Transportation Research Record: Journal of the Transportation Research Board 1955 (2006): 79-87.
- Ruan, M. "Probability-based bus headway regularity measure." IET intelligent transport systems 3, no. 4 (2009): 400-408.
45 years ago, KARACHI university was plying point buses early in the morning at seven O clock from different parts ocity, reaching university before 8, Return started at 12 O clock and after each hour till 6 o clock buses was made available. the fare was very low 25 paisa nearly 0.03 $