OM Forge Senior Buyer Interview Questions and Answers

P2P cycle refers to the Procure-to-Pay cycle, which is the process of purchasing goods or services and paying for them.

• The cycle starts with identifying the need for a product or service.

• Then, a purchase order is created and sent to the supplier.

• The supplier delivers the product or service and sends an invoice.

• The invoice is matched with the purchase order and goods receipt.

• Finally, payment is made to the supplier.

• The ...read more

An Incoterm is a standardized trade term used in international commercial transactions to define the responsibilities and obligations of the buyer and seller.

• Incoterms are published by the International Chamber of Commerce (ICC)

• They specify the delivery point, transportation costs, and risk transfer between parties

• Examples of Incoterms include EXW (Ex Works), FOB (Free on Board), and CIF (Cost, Insurance, and Freight)