Let's start by getting a summary of both.

Physical route
This is the path that IIS actually finds the file.

The virtual route
When a file is pointed to from outside the IIS application folder, this is the logical route to access it.
Let's use a virtual directory in the IIS default website to display this image from the hard drive "E:."

Add Virtual Directory

Here, we need to provide an alias for the physical path.

Physical Path - E:\Files
Virtual Path - http://localhost/Files/
File Name - image_60140ec0-ce46-4dbf-a14f-4210eab7f42c.png
Full Path - http://localhost/Files/image_60140ec0-ce46-4dbf-a14f-4210eab7f42c.png

Let’s enable the Directory Browsing.

By default, this is disabled for security reasons.

Here, we can see the files of the folder that is in E Drive. Click on the file name. It will load the file which is in the outer part of IIS application folder. Thanks, hope this will help.

We can parse many kinds of logs with the aid of Log Parser Studio. The primary focus of this course will be on parsing IIS logs. There are two types of Log Parser software: one that just uses the command prompt and the other that supports a graphical user interface.

Installation
Kindly find the link for Log Parser Studio.
Below is the sample query for Log Parser with GUI to get the output from IIS logs for a URL and other data like [MAX, MIN, AVG] – Response Time in mili seconds and hits.
SELECT cs-uri-stem as URL,
MAX(time-taken) As Max,
MIN(time-taken) As Min,
Avg(time-taken) As Average,
Count(1) as Hits
FROM '[LOGFILEPATH]'
GROUP BY URL
ORDER BY Average DESC

Below is the sample query to run in Log Parser with the command prompt version.
Logparser -i: iisw3c “ SELECT cs-uri-stem as URL,
MAX(time-taken) As Max,
MIN(time-taken) As Min,
Avg(time-taken) As Average,
Count(1) as Hits from D:\test.log GROUP By URL ORDER BY Average DESC TO D:\result.csv” –o : csv

Usage details Log parser studio
The landing screen of Log Parser Studio is given below.

As we are interested in parsing IIS logs, so select IIS-Top25 slow URLs.

The query with all the details will be shown to the user.

Now, we need to choose the IIS logs file. Click the Choose log files icon.

The dialog box with the options will be shown, where we have to select the individual log files or the folder. Now, we need to click the icon to execute an active query.

Below is the screenshot of Log Parser Studio with the results. The data for Max, Min, and Average refers to Response Time in mili seconds. We can copy data or export the data, as required.