Teras Consulting Interview Questions and Answers

To find the right material for a purchase, conduct thorough research, analyze specifications, compare prices and quality, and seek recommendations.

• Research different suppliers and manufacturers to identify the available materials.

• Analyze the specifications of each material to ensure it meets the required standards and criteria.

• Compare prices and quality of the materials from different sources to make an informed decision.

• Seek recommendations from industry experts, colleagues,...read more

Negotiating with vendors involves effective communication, research, and finding mutually beneficial solutions.

• Prepare by researching market prices and vendor alternatives.

• Clearly communicate your requirements and expectations.

• Listen to the vendor's perspective and understand their constraints.

• Explore options for cost reduction, bulk discounts, or value-added services.

• Consider long-term partnerships and loyalty programs.

• Be open to compromise and find win-win solutions.

• Documen...read more

Material actual price can be calculated by considering the cost of raw materials, production expenses, and overhead costs.

• Calculate the cost of raw materials used in production

• Include production expenses such as labor, utilities, and equipment costs

• Factor in overhead costs like rent, insurance, and administrative expenses

• Sum up all these costs to determine the material actual price

The last company's material purchase strategy involved optimizing procurement processes, leveraging supplier relationships, and implementing cost-saving measures.

• Implemented a centralized procurement system to streamline purchasing activities

• Negotiated long-term contracts with key suppliers to ensure stable pricing and availability

• Conducted regular supplier evaluations to assess performance and identify areas for improvement

• Implemented cost-saving measures such as bulk purcha...read more

To find shortage, analyze inventory levels, track demand, and monitor supply chain.

• Analyze inventory levels regularly to identify any shortages.

• Track demand patterns and forecast future demand to anticipate shortages.

• Monitor the supply chain for any disruptions or delays that may lead to shortages.

• Maintain good communication with suppliers to ensure timely delivery of goods.

• Implement effective inventory management techniques like Just-in-Time (JIT) to minimize shortages.

• Utili...read more