Redo Log tuning

Hi all,

I think we need to increase the redo log file size. I also think we need to reduce the log_buffer size.  The log switch details pasted below is more than six every hour. Also note that the transaction data is low as it is beginning of the year and will raise by feb. 

Redo log space wait time seems to be increasing everytime I query and I have been told that it has to be very low. Will increasing the REDO Log file size reduce this? I was also thinking of reducing the log_buffer size to less than 8MB.Can anyone tell me from the details below as to how much REDO file size should be and why?