3M Purchase Engineer Interview Questions and Answers

Procurement is the process of acquiring goods or services from external sources.

• Identifying the need for goods or services

• Selecting suppliers

• Negotiating contracts

• Placing orders

• Tracking delivery and payment

• Managing supplier relationships

• Ensuring quality and compliance

• Optimizing costs

• Examples: purchasing raw materials for manufacturing, hiring a contractor for construction work, buying office supplies for a company

P to P cycle in purchasing refers to Procure to Pay cycle which involves the entire process of purchasing goods or services.

• The cycle starts with identifying the need for a product or service.

• Then, a purchase requisition is created and sent for approval.

• Once approved, a purchase order is generated and sent to the supplier.

• The supplier delivers the goods or services and an invoice is received.

• The invoice is verified and...read more

DAP stands for Delivered at Place. It is an international trade term used in shipping and logistics.

• DAP is a type of Incoterm, which is a set of standardized trade terms used in international transactions.

• It means that the seller is responsible for delivering the goods to a specified location, usually a port or warehouse.

• The buyer is responsible for all costs and risks associated with the goods from the point of delive...read more

Procurement is the process of acquiring goods or services from external sources.

• Identifying the need for goods or services

• Selecting suppliers

• Negotiating contracts

• Placing orders

• Tracking delivery and payment

• Managing supplier relationships

• Ensuring quality and compliance

• Optimizing costs

• Examples: purchasing raw materials for manufacturing, hiring a contractor for construction work, buying office supplies for a company

P to P cycle in purchasing refers to Procure to Pay cycle which involves the entire process of purchasing goods or services.

• The cycle starts with identifying the need for a product or service.

• Then, a purchase requisition is created and sent for approval.

• Once approved, a purchase order is generated and sent to the supplier.

• The supplier delivers the goods or services and an invoice is received.

• The invoice is verified and...read more

DAP stands for Delivered at Place. It is an international trade term used in shipping and logistics.

• DAP is a type of Incoterm, which is a set of standardized trade terms used in international transactions.

• It means that the seller is responsible for delivering the goods to a specified location, usually a port or warehouse.

• The buyer is responsible for all costs and risks associated with the goods from the point of delive...read more

Landing price can be calculated by adding the FOB price with freight, insurance, customs duty, and other charges.

• FOB price is the cost of goods and transportation to the port of shipment

• Freight cost is the cost of shipping the goods from the port of shipment to the port of destination

• Insurance cost is the cost of insuring the goods during transit

• Customs duty is the tax imposed by the importing country on the imported g...read more

In case of a global shortage of an exclusive semiconductor, I would take the following actions:

• Identify alternative suppliers or manufacturers who can provide the required semiconductor

• Negotiate with existing suppliers to increase the supply or prioritize our orders

• Explore the possibility of redesigning the product to use a different semiconductor

• Collaborate with other companies or industry associations to find a colle...read more