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    Time Value Cutoff: A Primer

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    Dark_wizzie
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    Time Value Cutoff: A Primer

    Post by Dark_wizzie on Tue Jan 10, 2012 4:54 pm

    Why It's Useful
    You must have heard of some noob complaining about whether to use "big bones" or "dragon bones" or maybe even "frost dragon bones" to train prayer. Or a person not knowing whether to high alch cheaply or go with the faster, yet more expensive method of stringing amulets. This guide aims to help you figure it all out.

    What is Time Value Cutoff?
    The idea is this. Suppose you decide to do a slower, yet cheaper method to train a skill. Each extra hour you spend there, training away, with your slower method versus the faster method, is one hour you could have spent directly trying to make money. And if you know how fast you make money in an hour on average, you can calculate which method is for you.

    Application Example
    Note: The prices of items fluctuate a lot on the Grand Exchange. Also, at any given day, an item may buy only at way below or above the GE trade price. Be wary and always use a calculator. Google has a good calculater. Just pop in queries like "500 x 500" and hit search.

    Step One - List Your Goal and Assumptions
    Goal: Get 5,000,000 prayer xp
    Options: Big Bones, Dragon Bones, Frost Dragon Bones
    Method: Gilded Altar
    Bones per Hour: 1000

    Big Bones = 328gp each, at 52.5xp each
    Dragon Bones = 4,468gp each, at 252xp each
    Frost Dragon Bones = 16,000gp each, at 620xp each.

    What I will calculate: Which bone to use.
    What I will NOT calculate: Whether to use gilded altar or ectofungus. That's another TVC problem. This example assumed you use gilded altar to train prayer.

    Step Two - Find "Gp/Xp" and "Xp per Hour"
    Big Bones: 328/52.5 = 6.25 gp/xp
    Big Bones Xp per Hour = 52.5 x 1,000 = 52,500 xp per hour
    Dragon Bones: 4,468/252 = 17.73 gp/xp
    Dragon Bones Xp per Hour = 252 x 1,000 = 252,000 xp per hour
    Frost Dragon Bones: 16,000/620 = 25.80 gp/xp
    Frost Dragon Bones Xp per Hour: 620 x 1,000 = 620,000

    Xp Needed: 5,000,000

    Big Bone Method: 5,000,000/52.5 = 95,239 bones
    95,239 bones/1,000 (Bones per Hour) = 95.23 Hours
    Total Cost: 5,000,000 x 6.25 = 32,250,000gp

    Dragon Bones Method: 5,000,000/252 = 19,842 bones
    19,842/1,000 = 19.84 Hours
    Total Cost: 5,000,000 x 17.73 = 88,650,000gp

    Frost Dragon Bones Method: 5,000,000/620 = 8,065 bones
    8,065/1,000 = 8.1 Hours
    Total Cost: 5,000,000 x 25.80 = 129,000,000gp

    Analysis
    Big Bones vs Dragon Bones:
    88,650,000gp - 32,250,000gp = 56,400,000 gp
    95.25 - 19.84 = 75.41 Hours
    65,400,000gp/75.41 Hours = 867,258 gp/Hour
    Thus the TVC compared to these two is: 867,258 gp/Hour
    Dragon bones cost an extra 56.4m, but saves 75.41 hours.
    If you make over 867,258 gp/Hour, you should use Dragon Bones rather than Big bones. But what about Dragon Bones vs Frost Dragon Bones?

    Dragon Bones vs Frost Dragon Bones:
    129,000,000gp - 88,650,000gp = 40,250,000gp
    19.81 - 8.1 = 11.71 Hours
    40,250,000gp/11.71 Hours = 3,437,233 gp/Hour
    Thus the TVC compared to these two is: 3,437,233 gp/Hour
    Frost Dragon Bones cost an extra 40.25m , but saves 11.71 Hours,
    If you make over 3,427,233 gp/Hour, you should use Frost Dragon Bones rather than Dragon Bones.

    Conclusion
    TVC for Dragon Bones vs Big Bones is 867k per hour.
    TVC for Dragon Bones vs Frost Dragon Bones is 3.43m per hour.

    My Thoughts
    I wrote this guide because I hope some people would appreciate turning Runescape into a more mathematical endeavor. However, you can always decide to play Runescape however you want to play it. After all, that is the CORRECT way to play it. TVC does NOT calculate how boring or clicking intensive something is. Whether the extra efficiency is worth it for the boringness involved is up to the reader to decide.

    Other Applications
    Now we consider that all things in Runescape can be expressed in TIME, the reader might notice that all xp earned on Runescape may be put into "time". For example, if the xp/hour for training runecrafting is at 40k per hour, we can say that each runecrafting xp is equal to Money You Can Make Per Hour/40,000. In this concept, you may find that Herblore really isn't that expensive anymore...

    If you spot any mathematical errors in my guide, please let me know. If you wish to repost this, that's ok, just put my name in there somewhere. Other than that, let the comments roll.



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    Re: Time Value Cutoff: A Primer

    Post by Guest on Tue Jan 10, 2012 8:58 pm

    Hi Alan!


    Last edited by Chokster37 on Sat Feb 08, 2014 11:49 am; edited 1 time in total

    linuxwolf
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    Re: Time Value Cutoff: A Primer

    Post by linuxwolf on Tue Jan 10, 2012 10:55 pm

    I thought it was a money making proposition. Sweating

    Dark_wizzie
    I am Death Incarnate!
    I am Death Incarnate!

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    Number of posts : 5090
    Age : 22
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    Re: Time Value Cutoff: A Primer

    Post by Dark_wizzie on Wed Jan 11, 2012 2:37 pm

    I'm reposting since the forum I posted on it died.

    Smile



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