ICON Plc Interview Questions and Answers

Tools for cost estimation include cost estimating software, spreadsheets, historical data, and expert judgment.

• Cost estimating software: specialized software like CostWorks, RSMeans, or ProEst that help in creating accurate cost estimates

• Spreadsheets: using tools like Microsoft Excel to organize and calculate costs based on project requirements

• Historical data: analyzing past project costs to estimate future expenses

• Expert judgment: consulting with industry experts or experien...read more

Procurement is the process of acquiring goods or services, while sourcing is the act of finding suppliers or vendors.

• Procurement involves the purchasing of goods or services at the best possible price and quality.

• Sourcing focuses on identifying and selecting suppliers or vendors to fulfill procurement needs.

• Effective procurement and sourcing strategies can help organizations save costs and improve supply chain efficiency.

NPD (New Product Development) process involves idea generation, product design, development, testing, and launch.

• Idea generation: Brainstorming sessions, market research, customer feedback.

• Product design: Creating prototypes, refining features, ensuring functionality.

• Development: Engineering the product, manufacturing processes, quality control.

• Testing: Conducting trials, gathering feedback, making improvements.

• Launch: Marketing strategies, distribution channels, customer sup...read more

ZBC stands for Zero Based Costing, a method of budgeting in which all expenses must be justified for each new period. Should Costing is a process of estimating the cost of a product or service based on its materials, labor, and overhead.

• ZBC requires all expenses to be justified from scratch for each budgeting period

• Should Costing involves estimating the cost of a product or service based on its components and production processes

• ZBC helps in identifying unnecessary costs and ...read more

Strategic sourcing is a procurement process that involves analyzing the company's spending, identifying opportunities for cost savings, and developing long-term relationships with suppliers.

• Involves analyzing company's spending

• Identifying opportunities for cost savings

• Developing long-term relationships with suppliers

Contract management involves overseeing the creation, negotiation, execution, and monitoring of contracts to ensure compliance and maximize value.

• Involves creating, negotiating, executing, and monitoring contracts

• Ensures compliance with terms and conditions

• Maximizes value for all parties involved

• May involve tracking key contract milestones and deadlines

• Examples include vendor contracts, service agreements, and procurement contracts

My expected CTC is negotiable based on the job responsibilities and market standards.

• My expected CTC is based on my experience, skills, and the job responsibilities.

• I am open to discussing the compensation package based on the market standards.

• I am looking for a competitive salary that aligns with my qualifications and the industry norms.

MRP stands for Material Requirements Planning, a system used to manage and plan the production and inventory of materials.

• MRP helps in determining what materials are needed, when they are needed, and how much is needed for production.

• It helps in optimizing inventory levels, reducing lead times, and improving production efficiency.

• MRP software systems like SAP, Oracle, and Microsoft Dynamics are commonly used in businesses for effective planning.