Senior Manager Purchase Interview Questions and Answers

I manage procurement and inventory by optimizing processes, ensuring timely delivery, and maintaining accurate stock levels.

• Implement just-in-time (JIT) inventory to reduce holding costs and ensure timely availability of units.

• Utilize data analytics to forecast demand accurately, allowing for better procurement planning.

• Establish strong relationships with suppliers to negotiate better terms and ensure reliability in supply.

• Conduct regular inventory audits to identify slow-mov...read more

Min-max-rol level for inventory is defined based on demand, lead time, and safety stock.

• Min level is the minimum quantity of inventory required to avoid stockouts.

• Max level is the maximum quantity of inventory required to avoid overstocking.

• Rol level is the quantity of inventory to be ordered when the stock level reaches the reorder point.

• Demand, lead time, and safety stock are the key factors to determine the min-max-rol level.

• Demand forecasting helps to estimate the require...read more

To improve savings, we will focus on optimizing our procurement processes, negotiating better deals with suppliers, and implementing cost-saving measures.

• Conduct a thorough analysis of our current procurement processes to identify areas for improvement

• Negotiate better prices and terms with our existing suppliers

• Explore new suppliers and products to ensure we are getting the best value for our money

• Implement cost-saving measures such as bulk purchasing, standardization of prod...read more

I will improve productivity by implementing efficient processes and utilizing technology.

• Analyze current processes and identify areas for improvement

• Implement automation and technology to streamline tasks

• Provide training and support to employees to increase efficiency

• Set clear goals and expectations for productivity

• Regularly review and adjust processes to ensure continued improvement

The purpose of activities is to achieve specific goals or objectives through planned actions.

• Activities help in achieving organizational objectives

• They help in improving efficiency and effectiveness

• Activities can include sourcing, negotiating, purchasing, and managing supplier relationships

• They contribute to cost savings and quality improvement

• Activities also involve strategic planning and decision-making

Procurement refers to the process of acquiring goods, services, or works from an external source.

• Procurement involves identifying needs, selecting suppliers, negotiating terms, and managing contracts.

• It aims to obtain the best quality goods or services at the most competitive prices.

• Procurement also includes supplier relationship management and risk management.

• Examples of procurement activities include issuing purchase orders, conducting supplier evaluations, and monitoring s...read more

Pull system of procurement involves ordering goods only when needed to reduce excess inventory and waste.

• Pull system focuses on demand-driven procurement

• Orders are placed based on actual consumption or sales

• Helps in reducing excess inventory and waste

• Examples include Just-in-Time (JIT) inventory system