Sterling & Wilson Department Manager Interview Questions and Answers

Procurement process involves identifying needs, selecting suppliers, negotiating contracts, and receiving goods/services.

• Identify the need for goods/services

• Determine the specifications and quantity required

• Select potential suppliers and issue a request for proposal (RFP)

• Evaluate proposals and select a supplier

• Negotiate contract terms and conditions

• Place the order and receive the goods/services

• Ensure timely payment and

Risk refers to potential harm or loss. Mitigations are actions taken to reduce or eliminate the risk.

• Identify potential risks and their impact

• Develop a plan to mitigate risks

• Implement the plan and monitor its effectiveness

• Regularly review and update the plan

• Examples: Risk of theft - install security cameras, Risk of low sales - increase marketing efforts

The general payment terms vary depending on the vendor and the type of product or service being purchased.

• Payment terms can range from net 30 to net 90 days

• Some vendors may require partial payment upfront

• Other vendors may offer discounts for early payment

• Payment terms should be negotiated and agreed upon before making a purchase