Store Head

Store Head Interview Questions and Answers

Updated 8 Jul 2024

Q1. What's the definition of inventory

Ans.

Inventory refers to the goods or materials a business holds for the purpose of resale or production.

  • Inventory includes raw materials, work-in-progress, and finished goods.

  • It is an important aspect of supply chain management.

  • Inventory management involves balancing the costs of holding inventory with the benefits of having enough stock to meet demand.

  • Examples of businesses that rely heavily on inventory management include retail stores, manufacturers, and wholesalers.

Q2. How to identify the class of inventory

Ans.

Inventory class can be identified based on its usage, demand, and value.

  • Analyze the usage frequency of the inventory

  • Determine the demand for the inventory

  • Evaluate the value of the inventory

  • Classify inventory as A, B, or C based on usage, demand, and value

  • A - high usage, high demand, high value

  • B - moderate usage, moderate demand, moderate value

  • C - low usage, low demand, low value

Q3. How you controlling stores inventory

Ans.

We control stores inventory through regular audits, implementing inventory management software, and setting up reorder points.

  • Regular audits to identify discrepancies and ensure accuracy

  • Implementing inventory management software to track inventory levels and movement

  • Setting up reorder points to ensure timely replenishment

  • Monitoring sales trends and adjusting inventory levels accordingly

  • Collaborating with suppliers to optimize inventory levels and reduce lead times

Q4. Clarification the ABC analysis

Ans.

ABC analysis is a technique used to categorize items based on their value or importance.

  • ABC analysis divides items into three categories: A, B, and C.

  • Category A items are the most important and valuable, while category C items are the least important and valuable.

  • The analysis is based on the Pareto principle, which states that 80% of the value comes from 20% of the items.

  • Example: A store might use ABC analysis to categorize its inventory, with high-value items like electronic...read more

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Q5. Last working information and process

Ans.

The last working information and process refer to the most recent tasks and procedures completed in the workplace.

  • Provide details on the tasks completed in the previous workday or week

  • Explain any new processes implemented or changes made

  • Discuss any challenges faced and how they were overcome

  • Highlight any achievements or successes in the recent work period

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