IndustryBuying.com Interview Questions and Answers

FIFO (First-In, First-Out) and LIFO (Last-In, First-Out) are inventory management methods.

• FIFO: Oldest items are sold first, used in industries like retail and food.

• LIFO: Newest items are sold first, used in industries like manufacturing and construction.

I handle rejection and damaged materials by staying calm, assessing the situation, and taking appropriate action.

• Remain calm and composed when faced with rejection or damaged materials

• Assess the extent of the damage and determine the cause of rejection

• Take appropriate action to rectify the situation, such as repairing or replacing damaged materials

• Implement preventive measures to minimize future rejections or damages

• Maintain open communication with relevant stakeholders to ad...read more

5S is a methodology for workplace organization and standardization.

• Sort - eliminate unnecessary items

• Set in order - organize remaining items

• Shine - clean and inspect work area

• Standardize - establish procedures and schedules

• Sustain - maintain and improve

• Advantages include increased efficiency, safety, and quality

• Reduces waste and improves morale

• Example: A factory implements 5S to reduce clutter and improve workflow

ABC analysis is a technique used to categorize items based on their importance or value.

• ABC analysis divides items into three categories: A, B, and C.

• Category A items are the most important and valuable, while category C items are the least important and valuable.

• ABC analysis is commonly used in inventory management to prioritize items for restocking or ordering.

• For example, a grocery store might use ABC analysis to prioritize restocking of high-value items like meat and dair...read more

GRN stands for Goods Receipt Note and e-way bill is an electronic document required for the movement of goods.

• GRN is a document used to record the receipt of goods from a supplier.

• It includes details such as the quantity, quality, and condition of the goods received.

• GRN helps in verifying the accuracy of the goods received and is used for inventory management.

• E-way bill is an electronic document required for the movement of goods worth more than a specified value.

• It is genera...read more

Inventory is maintained through regular monitoring, accurate record-keeping, and efficient replenishment.

• Regularly monitor inventory levels to identify shortages or excesses

• Keep accurate records of all incoming and outgoing inventory

• Implement a system for efficient replenishment, such as using reorder points or automated ordering

• Conduct regular audits to ensure inventory accuracy

• Utilize inventory management software or tools to streamline the process

• Implement proper storage a...read more