Elico Healthcare Services Senior Process Associate Interview Questions and Answers

Petty cash is a small amount of cash kept on hand for minor expenses.

• Petty cash is used for small, everyday expenses that are impractical to pay for with a check or credit card.

• It is typically managed by a designated custodian who is responsible for tracking expenses and replenishing the fund.

• Examples of petty cash expenses include office supplies, postage, and employee reimbursements.

• Petty cash should be reconciled re...read more

Reduce material cost by optimizing procurement, minimizing waste, and improving production efficiency.

• Analyze procurement process to identify cost-saving opportunities

• Negotiate with suppliers for better pricing and terms

• Implement lean manufacturing principles to minimize waste

• Improve production efficiency through automation and process optimization

• Explore alternative materials or suppliers

• Reduce product complexity to s

To improve contribution margin, focus on increasing revenue and reducing variable costs.

• Increase prices or sales volume

• Reduce direct material or labor costs

• Improve production efficiency

• Eliminate unprofitable products or services

• Implement cost-saving measures

• Negotiate better supplier contracts