Loss Prevention Executive Interview Questions and Answers

I manage expiry products by regularly monitoring expiration dates, rotating stock, and implementing a clear labeling system.

• Regularly monitor expiration dates to identify and remove expired products

• Rotate stock to ensure older products are used first

• Implement a clear labeling system to easily identify expiration dates

• Dispose of expired products properly to prevent any potential risks

Inventory audit is a process of physically counting and verifying the quantities of items in stock to ensure accuracy.

• Inventory audit involves physically counting all items in stock

• It helps in identifying discrepancies between actual and recorded inventory levels

• The audit may be conducted periodically or randomly to prevent theft or errors

• Examples include cycle counting, spot checking, and full physical inventory counts

Cash audit is a process of verifying the accuracy of cash transactions and balances within a business.

• Cash audit involves comparing physical cash on hand with recorded cash transactions.

• It helps identify discrepancies, errors, or potential fraud in cash handling.

• Cash audit may include counting cash, reconciling receipts, and reviewing financial records.

• Regular cash audits are important for maintaining financial integrity and preventing losses.

• Examples: counting cash in a cash...read more

DC operations refer to the processes involved in managing a distribution center's activities, including receiving, storing, and shipping goods.

• DC operations involve receiving incoming shipments of goods from suppliers

• Goods are then stored in the distribution center until they are needed for orders

• Orders are picked, packed, and shipped to customers in an efficient manner

• Inventory management is crucial to ensure accurate stock levels and prevent stockouts

• Technology such as ware...read more

Vlookup is a function in Excel used to search for a value in a table and return a corresponding value from another column.

• Vlookup stands for 'vertical lookup'

• It is used to search for a value in the first column of a table and return a value in the same row from a specified column

• Syntax: =VLOOKUP(lookup_value, table_array, col_index_num, [range_lookup])

• Example: =VLOOKUP(A2, B2:D10, 3, FALSE) - searches for the value in cell A2 in the first column of the range B2:D10 and return...read more