  Transit and radial velocity searches are two techniques for identifying
nearby extrasolar planets to Earth that transit bright stars. Identifying a
robust sample of these exoplanets around bright stars for detailed atmospheric
characterization is a major observational undertaking. In this study we
describe a framework that answers the question of whether a transit or radial
velocity survey is more efficient at finding transiting exoplanets given the
same amount of observing time. Within the framework we show that a transit
survey's window function can be approximated using the hypergeometric
probability distribution. We estimate the observing time required for a transit
survey to find a transiting Earth-sized exoplanet in the HZ with an emphasis on
late type stars. We also estimate the radial velocity precision necessary to
detect the equivalent HZ Earth-mass exoplanet that also transits when using an
equal amount of observing time as the transit survey. We find that a radial
velocity survey with sig_rv~0.6 m/s precision has comparable efficiency in
terms of observing time to a transit survey with the requisite photometric
precision sig_phot~300 ppm to find a transiting Earth-sized exoplanet in the HZ
of late M~dwarfs. For Super-Earths, a sig_rv~2.0 m/s precision radial velocity
survey has comparable efficiency to a transit survey with sig_phot~2300 ppm.
