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2. Kinney Shoes is a high-volume shoe retailer with a no hassle returns policy. Customers return items on average 8.7 pairs of shoes per day
2. Kinney Shoes is a high-volume shoe retailer with a "no hassle" returns policy. Customers return items on average 8.7 pairs of shoes per day at all locations with a standard deviation of 1.3 shoes. (No single shoe is returned; only pairs.) Managers are evaluated relative to the returns realized at their store. Figure the following probabilities or daily number of pairs of shoes with the following information. a. Managers with more than 10 returns per day must attend a "Returns Policy Workshop." What percentage of managers go to this "Returns Policy Workshop"? b. Managers with less than 6.75 returns per day get an all-expenses-paid trip to Tucumcari, New Mexico. What percentage of managers luxuriate at Tucumcari, New Mexico? C. Kinney Shoes realizes that too few returns may lead to more customer dissatisfaction. So, Kinney Shoes aims to have returns between 7.0 and 9.5 returns per day. What percentage of customers will fall in this range? d. Kinney Shoes has a goal of reducing returns to one standard deviation below the current mean returns. What percentage of current customer-returnees is Kinney Shoes hoping to achieve? e. A new CEO wants to ensure that managers to reduce the number of returns to 20% of the previous levels. Otherwise a manager will realize a reduced bonus for the year. What is the maximum goal in terms of pairs of shoes returned for managers to avoid a reduction in their bonus? f. Kinney Shoes knows that 10% of the shoes its sells are defective due to an exaggerated diversity of manufacturers with which it works (due to supply chain disruptions). If only defective shoes were returned, what would be the number of shoes returned? 2. Kinney Shoes is a high-volume shoe retailer with a "no hassle" returns policy. Customers return items on average 8.7 pairs of shoes per day at all locations with a standard deviation of 1.3 shoes. (No single shoe is returned; only pairs.) Managers are evaluated relative to the returns realized at their store. Figure the following probabilities or daily number of pairs of shoes with the following information. a. Managers with more than 10 returns per day must attend a "Returns Policy Workshop." What percentage of managers go to this "Returns Policy Workshop"? b. Managers with less than 6.75 returns per day get an all-expenses-paid trip to Tucumcari, New Mexico. What percentage of managers luxuriate at Tucumcari, New Mexico? C. Kinney Shoes realizes that too few returns may lead to more customer dissatisfaction. So, Kinney Shoes aims to have returns between 7.0 and 9.5 returns per day. What percentage of customers will fall in this range? d. Kinney Shoes has a goal of reducing returns to one standard deviation below the current mean returns. What percentage of current customer-returnees is Kinney Shoes hoping to achieve? e. A new CEO wants to ensure that managers to reduce the number of returns to 20% of the previous levels. Otherwise a manager will realize a reduced bonus for the year. What is the maximum goal in terms of pairs of shoes returned for managers to avoid a reduction in their bonus? f. Kinney Shoes knows that 10% of the shoes its sells are defective due to an exaggerated diversity of manufacturers with which it works (due to supply chain disruptions). If only defective shoes were returned, what would be the number of shoes returned
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