ICS Instrumentation & Control Solution Interview Questions and Answers

Planogram is a visual representation of how products should be displayed in a retail store. Receiving process involves accepting and recording incoming inventory.

• Planogram is a detailed visual plan or diagram that shows where and how products should be placed on shelves or displays in a retail store.

• It helps ensure that products are displayed in an organized and visually appealing manner to attract customers.

• Receiving process involves accepting deliveries of inventory, checki...read more

LIFO stands for Last In, First Out and is a method of inventory valuation.

• LIFO assumes that the most recently acquired inventory is sold first.

• This method is commonly used in industries where inventory costs are rising.

• LIFO can result in lower taxable income due to higher cost of goods sold.

• Example: If a company purchases 100 units of a product at $10 each and later purchases 100 more units at $15 each, under LIFO, the cost of goods sold would be calculated using the $15 unit...read more

Inventory refers to the goods and materials a business holds for the purpose of resale or use in production.

• Inventory includes raw materials, work-in-progress, and finished goods.

• It is an important asset on a company's balance sheet.

• Inventory management involves tracking, storing, and replenishing inventory.

• Examples of inventory include merchandise in a retail store, components in a manufacturing plant, and spare parts in a warehouse.

Cycle count is a method of inventory management where a small subset of inventory is counted on a regular basis to ensure accuracy.

• Cycle count involves counting a small portion of inventory regularly instead of doing a full physical inventory count all at once.

• It helps in identifying discrepancies in inventory levels, locating missing items, and improving overall inventory accuracy.

• Cycle counting can be done based on ABC analysis, where high-value items are counted more frequ...read more

Accuracy refers to the degree of closeness between a measured value and the true value of a quantity.

• Accuracy is the ability of a measurement to match the actual value of the quantity being measured.

• It is often expressed as a percentage or a ratio.

• For example, if a scale is accurate to within 0.1 grams, it means that the measured weight will be within 0.1 grams of the true weight.