Procurement Buyer Interview Questions and Answers for Freshers

Buying refers to the process of acquiring goods or services for a business or organization.

• Lead time is the amount of time it takes for a supplier to deliver goods after an order is placed.

• Safety stock is the extra inventory a company keeps on hand to ensure they don't run out of a product.

• Buying involves negotiating prices, selecting suppliers, and managing relationships with vendors.

• Effective buying can help a company reduce costs, improve quality, and increase efficiency.

MRP stands for Material Requirements Planning, a system used to plan and control inventory levels and production schedules.

• MRP helps to ensure that materials and products are available when needed for production.

• It involves creating a master production schedule, determining the materials needed for production, and scheduling their delivery.

• MRP can also help to identify potential shortages and allow for adjustments to be made to production schedules.

• Examples of MRP software in...read more