Procurement and Supply Chain Management Executive Interview Questions and Answers

Budgeting and forecasting involve planning and estimating financial outcomes for a specific period of time.

• Budgeting is the process of creating a detailed plan for how to allocate resources and expenses for a specific period of time.

• Forecasting involves predicting future financial outcomes based on historical data, market trends, and other relevant factors.

• Budgeting helps organizations set financial goals and allocate resources effectively, while forecasting helps them antici...read more

Procurement involves the process of sourcing, purchasing, and acquiring goods and services for an organization.

• Procurement is the process of finding, acquiring, and buying goods and services for an organization.

• It involves sourcing suppliers, negotiating contracts, and managing supplier relationships.

• Procurement aims to ensure that goods and services are obtained at the best possible price and quality.

• Examples include purchasing raw materials for manufacturing, sourcing offic...read more