Larsen & Toubro Limited Procurement Engineer Interview Questions and Answers

Vendor selection is based on factors such as quality, price, delivery time, and past performance.

• Evaluate vendor's quality standards and certifications

• Compare prices and negotiate for the best deal

• Consider vendor's ability to meet delivery deadlines

• Check vendor's past performance and customer feedback

• Assess vendor's financial stability and capacity

• Ensure vendor's compliance with legal and ethical standards

Costing of an item involves analyzing all the direct and indirect costs associated with its production and distribution.

• Identify all direct costs such as raw materials, labor, and equipment

• Determine indirect costs such as overhead expenses and administrative costs

• Calculate the total cost by adding direct and indirect costs

• Consider market demand and competition to determine the selling price

• Regularly review and update c

To make a contract, identify parties, define terms, negotiate, draft agreement, review, sign, and enforce.

• Identify parties involved in the contract

• Define terms and conditions clearly

• Negotiate to reach a mutually beneficial agreement

• Draft the contract document with all details included

• Review the contract for accuracy and completeness

• Sign the contract with all parties involved

• Enforce the terms of the contract