Supply Chain Coordinator Interview Questions and Answers for Freshers

A supply chain is a network of interconnected businesses involved in the provision of products and services to consumers.

• A supply chain involves the flow of goods, information, and finances from the initial raw materials to the final consumer.

• It includes various stages such as sourcing, production, distribution, and retailing.

• Efficient supply chain management aims to minimize costs, improve quality, and enhance customer satisfaction.

• Examples of supply chain activities include...read more

Procurement refers to the process of acquiring goods or services from external sources.

• Procurement involves identifying the need for a product or service

• It also involves selecting the right supplier or vendor

• Negotiating the terms and conditions of the purchase

• Placing the order and ensuring timely delivery

• Examples include purchasing raw materials for manufacturing, buying office supplies, or outsourcing IT services

Accrual basis of accounting recognizes revenue and expenses when they are earned or incurred, regardless of when payment is received or made.

• Revenue is recognized when it is earned, not when payment is received

• Expenses are recognized when they are incurred, not when payment is made

• This method provides a more accurate picture of a company's financial health

• Example: A company provides services in December but doesn't receive payment until January. Under accrual accounting, the ...read more

A vendor can be identified through various methods such as referrals, online research, trade shows, and industry associations.

• Referrals from colleagues or industry contacts

• Online research through search engines and social media

• Attending trade shows and networking events

• Checking industry associations and directories

• Requesting vendor applications and conducting background checks

Logistics is a subset of supply chain management that deals with the physical movement of goods, while supply chain management encompasses the entire process from procurement to delivery.

• Logistics focuses on transportation, warehousing, and distribution of goods.

• Supply chain management includes logistics as well as procurement, planning, and coordination of activities across the entire supply chain.

• Logistics is more tactical, while supply chain management is more strategic.

• Lo...read more