Suppose that the average time an employee takes to reach the office is 35 minutes. To address the issue of late comers, the mode of transport chosen by the employee is tracked: private transport (two-wheelers and four-wheelers) and public transport. The data on the average time (in minutes) taken using both a private transportation system and a public transportation system for a sample of employees are given below:
a. What are the mean and median travel times for employees using a private transport? What are the mean and median travel times for employees using a public transport?
b. What are the variance and standard deviation of travel times for employees using a private transport? What are the variance and standard deviation of travel times for employees using a public transport?
c. Comment.
Definitions:
Simulation Heuristic
The tendency to judge the frequency or likelihood of an event by the ease with which you can imagine (or mentally simulate) it.
Representativeness Heuristic
The tendency to judge the frequency or likelihood of an event by the extent to which it resembles the typical case.
Actor/observer Bias
The tendency to attribute one's own actions to external factors while attributing others' actions to their character or disposition.
Heuristics
Mental shortcuts or rules of thumb that simplify decision-making processes but sometimes lead to biased or inaccurate judgments.
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