Does variance matter? Think of an example. Here is my example: I have two routes to my work. Travel time on the first route takes me on average 20 minutes, and the second route 19 minutes. The standard deviation of travel time on the first route is 2 minutes, on the second is 12 minutes. Which route should I take? Even though on average route 2 is faster, at times it may take much longer. So if I want consistency, I should pick route 1. And this is a real example. The reason for route 2 to have such a large variance: there is a railway track across it (Stuenkel/University Parkway), and occasionally (about one in fifteen times) I have to wait about twenty minutes just to cross the track (route 1 is through Richton Square road/Crawford avenue, a little longer but without a railway crossing).
Does variance matter? Think of an example.
Here is my example: I have two routes to my work. Travel time on the first route takes me on average 20 minutes, and the second route 19 minutes. The standard deviation of travel time on the first route is 2 minutes, on the second is 12 minutes. Which route should I take?
Even though on average route 2 is faster, at times it may take much longer. So if I want consistency, I should pick route 1.
And this is a real example. The reason for route 2 to have such a large variance: there is a railway track across it (Stuenkel/University Parkway), and occasionally (about one in fifteen times) I have to wait about twenty minutes just to cross the track (route 1 is through Richton Square road/Crawford avenue, a little longer but without a railway crossing).
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