94 inventory interview questions and answers

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1. 94 1 inventory interview questions & answers FREE EBOOK: 2. 2 Based on: Top 10 inventory interview questions and answers Updated To: Top 94 inventory interview…
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  • 1. 94 1 inventory interview questions & answers FREE EBOOK:
  • 2. 2 Based on: Top 10 inventory interview questions and answers Updated To: Top 94 inventory interview questions and answers On: Mar 2017
  • 3. 3 This ebook consists of two parts: - Part I: Top 94 inventory interview questions and answers (pdf, free download) - Part II: Top 12 tips to prepare for inventory interview
  • 4. Top materials for job interviews: In this document, you can refer to materials for a inventory interview such as: inventory situational interview, inventory behavioral interview, inventory interview thank you letter… Other useful materials for a successful inventory interview: 1. Ebook: Job Interview Questions &Answers by Bob Firestone Download link: click here, full ebook review click here 2. https://www.slideshare.net/jobguide247/12-steps-to-prepare-job- interview , 3. interviewquestions360.com/free-ebook-145-interview-questions-and- answers 4. http://interviewquestions68.blogspot.com/p/top-14-mistakes-in-job- interviews.html 4
  • 5. 1. Tell me about yourself? It seems like an easy interview question. It's open ended: ”I can talk about whatever I want from the birth canal forward. Right?” Wrong. What the hiring manager really wants is a quick, two- to three- minute snapshot of who you are and why you're the best candidate for this position. Related post: Tips to answer question: tell me about your self? 5 http://interviewquestions68.blogspot.com/2017/03/tips-to-answer-tell-me-about- your-self.html So as you answer this question, talk about what you've done to prepare yourself to be the very best candidate for the position. Use an example or two to back it up. Then ask if they would like more details. If they do, keep giving them example after example of your background and experience. Always point back to an example when you have the opportunity. "Tell me about yourself" does not mean tell me everything. Just tell me what makes you the best and fit the job requirements
  • 6. 2. Tell me about the kinds of reordering systems that can be used in inventory control? There are several types of reordering systems, in this module we discussed three. The fixed order quantity uses fixed quantities of goods ordered at various order points to replenish inventory. The fixed order period use fixed times of reorder with various order quantities to replenish inventory to preset levels. The final system, just in time uses a constant flow of goods to match the level of demand. 6
  • 7. 3. Where do you see yourself in five years’ time? What the interviewer really wants is to see that you’ve thought about your future, and gauge your ambition. They also want to verify that this isn’t just a stop gap position. Although all of your answers should be tailored to the organization and position you’ve applied for, this is especially the case with this question. If you’re going for an entry level position, for example, Related post: Tips to answer question: what about your career goals? 7http://interviewquestions68.blogspot.com/2017/03/tip-to-answer-what-about-your- career.html explain how you’d like your career to progress (e.g. ‘I’d like to progress to a Senior Software Engineer’ or ‘I see myself being a team leader…’). If you’re going for a more senior position, explain how you’d be looking to move the company forward. Have a look at their business strategy or corporate objectives before the interview, and explain how you can help in achieving them.
  • 8. 4. Tell me what makes a good forecasting model? A good forecast model will have reasonable costs. the accuracy of its forecasts will allow good decision making. The model will have ample data available for its use and a relevant time span. The model finally will have a low interference level 8
  • 9. 5. What is your greatest weakness? "What are your weaknesses" is one of the most popular questions interviewers ask. It is also the most dreaded question of all. Handle it by minimizing your weakness and emphasizing your strengths. Stay away from personal qualities and concentrate on professional traits: "I am always working on improving my communication skills to be a more effective presenter. I recently joined Toastmasters, which I find very helpful." Related post: Tips to answer question: What is your greatest weakness? 9 http://interviewquestions68.blogspot.com/2017/03/tips-to-answer-your- greatest-weakness.html
  • 10. 5. What is your greatest weakness? (continue…) Tips to answer this question: • Show that you are aware of your weakness and what you have done to overcome it. • Show that you are “self-aware” and that you have the ability to take steps to improve yourself. • Don’t you DARE answer with the cliche “I’m a perfectionist” answer or any other such answer that the hiring manager can see right through. • Don’t highlight a weakness that is a core competency of the job. (Know the job description “inside and out”.) • Don’t dodge this question. 10
  • 11. 6. Tell me about the total stocking cost in inventory? Total stocking cost is the cost to the store of holding a good in its inventory. The stocking cost consists of the carrying cost times half the quantity in inventory and the order completion cost times demand divided by the quantity. In its mathematical form the cost is represented by TSC=(Q/2)C + (D/Q)S. 11
  • 12. 7. What is your greatest strength? This is your time to shine. Just remember the interviewer is looking for work related strengths. Mention a number of them such as being a good motivator, problem solver, performing well under pressure, being loyal, having a positive attitude, eager to learn, taking initiative and attention to detail. Whichever you go for, be prepared to give examples that illustrate this particular skill. 12 Related post: Tips to answer question: What is your greatest strength? http://interviewquestions68.blogspot.com/2017/03/tips-to-answer-your-greatest- strength.html
  • 13. 8. Tell me if you know when should reorders be placed? Times for reordering goods vary dependent on the control system you use and its lead time. In fixed order quantities reorders should be placed when the safety stock is reached. In fixed period systems the reordering is done at set time periods. In just in time systems reordering is based on matching the demand with supply. For just in time a close watch on inventory levels is needed so that reorders are placed before goods are out of stock. 13
  • 14. 9. Why did you leave your last job? Here you will need to be careful as there are many possible answers you could use, just remember to NEVER talk negatively about any prior or current employer to a potential employer. No one wants to think that in a few years’ time you could be saying the same about them. A possible reason could be to say you were looking for better opportunities, for you to grow professionally, or you were looking for the chance to work abroad. 14 https://www.slideshare.net/jobguide247/top-12-ways-to-make-money-2017 Useful material: Top 16 ways to make money forever
  • 15. 10. Can you tell me what is lead time in inventory? Lead time is the period of time from which a order for goods is placed until it is received by the store. Lead time is an important consideration for determining when orders should be placed. 15
  • 16. 11. Why should we hire you? This is a differentiation question. What you want to tell them is: they'd be crazy not to they hire you. Focus on them: You need to only share how you meet almost all the criteria they seek, and also have two to three additional abilities that they might not even know they need…yet. They need to know you are a candidate who can not only meet their needs now, but will also be valuable for where they want to go in the future. 16
  • 17. 11. Why should we hire you? (con…) Are they likely to need another skill set as they grow as a company? Or maybe you have skills that you noticed are in another job description they are looking to fill? You can help out with those deliverables until they find someone (or be a backup to the person they hire). Have you been down a path already that they are currently starting? Having “lessons learned” to offer them is a very strong plus for a job candidate. 17
  • 18. 12. Tell me about the interference in inventory control? Interference is a factor in forecasting demand. Interference is made up of all the factors that a forecaster has no control over. Factors that may be considered interference include natural disasters, unusual customer demands or rare events in the business period. 18
  • 19. 13. What is your greatest accomplishment? This is somewhat similar to the “what is your greatest strength?” question and can be handled along the same lines. You want to pick an accomplishment that shows you have the qualities that the company puts value in and that are desirable for the position you’re interviewing for. The fact is you may have several accomplishments you could pick from. Pick one that will have the most impact. 19 https://www.slideshare.net/jobguide247/top-12-skills-for-career-success Useful material: Top 12 skills for career success
  • 20. 13. What is your greatest accomplishment? (continue) Tips to answer this question: - Talk about an accomplishment that exhibits how you will be a perfect fit for the company and for the position you’re interviewing for. - Try and show some genuine passion when you’re talking about your accomplishment. - Don’t fall into the trap of thinking your accomplishment is “too small”. The fact is, relating a small accomplishment that is inline with “what the company values” can be more powerful than an unrelated accomplishment. 20 Useful material: Top 9 ways to become a millionaire http://careersecretsa2z.blogspot.com/2017/03/top-9-ways-to-become- millionaire.html
  • 21. 14. Tell me when should you take a physical inventory? A inventory should be taken at least once a year. If items are perishable, seasonal or highly demanded a inventory should be taken more often. 21
  • 22. 15. What can we expect from you in your first 90 days? Ideally the answer to this should come from the employer: they should have plans and expectations for you. But if you're asked, use this general framework: • You'll work hard to determine how your job creates value -- you won't just stay busy, you'll stay busy doing the right things. • You'll learn how to serve all your constituents -- your boss, your employees, your peers, your customers and suppliers and vendors... 22
  • 23. 15. What can we expect from you in your first 90 days? (con…) • You'll focus on doing what you do best -- you'll be hired because you bring certain skills, and you'll apply those skills to make things happen. • You'll make a difference -- with customers, with other employees, to bring enthusiasm and focus and a sense of commitment and teamwork... • Then just layer in specifics that are applicable to you and the job. 23
  • 24. 16. What would happen if there is no savings or the models produce even results? If there is no savings a error in the calculations may have occurred or the model does not fit your case. For instances were the total stocking costs are even you may use either order quantity. 24
  • 25. 17. What are your salary expectations? When completing your preparations for the interview, always have this question in the back of your mind. Have a look at the average salary for someone in this industry, area, and who possesses similar skills to yourself, and you should get a basic idea. But remember: this is only the first interview. You haven’t been offered the job. There’s no need at this stage to be try and begin negotiations. Giving a broad salary range will usually be enough to move on, but be prepared to back it up if you need to. Just don’t be tempted to sell yourself short. If you’re not sure where to start, take a look at our average salary checker. Right answer: A broad (but realistic) answer e.g. ‘I‘m looking for a starting salary somewhere between £25,000 and £30,000’ Wrong answer: ‘I’m not sure. How much are you on?’ Useful material: https://www.slideshare.net/jobsearchtipsa2z/10-tips-to- negotiate-your-starting-salary 25
  • 26. 18. Tell me about the important considerations in inventory control? For inventory control to work at its best a store must consider the costs of acquisition, carrying, ordering and stock-out. the store must also look at its reordering system, its budgeting for inventory, insurance and forecast the demand. 26
  • 27. 19. Do you have any questions? Around 75 percent of job seekers will say “Nope, I think that’s everything” to this question. Terrible response. This question gives you a fantastic opportunity to stand out from the crowd and show your knowledge and passion for the company or organization you are interviewing for. Always have a few questions prepared and have one based around something you found during your company research phase. 27 Tips to answer this question: • Focus your questions on the company and what you can do for them. • Ask about something you’ve discovered in your company research. This will show your passion and knowledge of the company. Useful material: https://www.slideshare.net/jobsearchtipsa2z/top-questions-to- ask-employer-after-job-interview
  • 28. 19. Do you have any questions? (continue) • Ask if there is any reason the hiring manager wouldn’t hire you. (This can be a little daunting to ask BUT can really pay off. It allows you to address something they may be thinking in their head but haven’t brought up.) • Never say “No, I think I’m good.” Always have questions ready! 28 • Don’t focus your questions on yourself and what you can get from them. (i.e. • Don’t ask questions that you could easily find the answer to. • Don’t ask about time off and benefits too early in the process. • Don’t ask how soon you can start applying for other positions in the company.
  • 29. 20. How would you determine the value of inventory? The value can be found using four methods in inventory control. The first is the specific cost in which each item's cost is added together for the inventory's value. A second method is to use the weighted average of the costs for a period to determine value. A third method is first in, first out. In this method value is measured using the latest costs of goods while working towards the beginning of the period until all goods in inventory are valued. The final method is last in, first out. In this method the costs of gods at the beginning of the period are used to determine the inventory's value. 29
  • 30. 21. Are you a team player? Almost everyone says yes to this question. But it is not just a yes/no question. You need to provide behavioral examples to back up your answer. A sample answer: "Yes, I'm very much a team player. In fact, I've had opportunities in my work, school and athletics to develop my skills as a team player. For example, on a recent project…" Emphasize teamwork behavioral examples and focus on your openness to diversity of backgrounds. Talk about the strength of the team above the individual. And note that this question may be used as a lead in to questions around how you handle conflict within a team, so be prepared. Useful material for magic lovers: http://magictricksa2z.blogspot.com/2017/03/14-secrets-to-become-famous- magician.html 30
  • 31. 22. Tell me what is inventory control? Inventory control is the process of reducing inventory costs while remaining responsive to customer demands. By this definition a store would want to lower its acquisition, carrying ordering and stock-out costs to their lowest possible levels. However a store would need to have enough inventories to meet any needs of its customers. 31
  • 32. 23. What challenges are you looking for in this position? A typical interview question to determine what you are looking for your in next job, and whether you would be a good fit for the position being hired for, is "What challenges are you looking for in a position?" The best way to answer questions about the challenges you are seeking is to discuss how you would like to be able to effectively utilize your skills and experience if you were hired for the job. You can also mention that you are motivated by challenges, have the ability to effectively meet challenges, and have the flexibility and skills necessary to handle a challenging job. You can continue by describing specific examples of challenges you have met and goals you have achieved in the past. http://singingtipsa2z.blogspot.com/2017/03/15-secrets-to-become-famous- singer.html Useful material for singing lovers: 32
  • 33. 24. Which would be the most appropriate method of controlling stock in a hotel bar? 1. Materials Requirements Planning 2. Just-in-Time 3. Two-Bin System 4. Order Point 5. Periodic Review 6. Poke-Yoka 33
  • 34. 25. What experience do you have in this field? Hopefully if you're applying for this position you have bags of related experience, and if that's the case you should mention it all. But if you're switching careers or trying something a little different, your experience may initially not look like it's matching up. That's when you need a little honest creativity to match the experiences required with the ones you have. People skills are people skills after all, you just need to show how customer service skills can apply to internal management positions, and so on. http://guitartipsa2z.blogspot.com/2017/03/14-secrets-to-become-pro- guitarist.html Useful material for guitar lovers: 34
  • 35. 26. Which would be the most appropriate method of controlling stock in a retail shop? 1. Order Point 2. Materials Requirements Planning 3. Just-in-Time 4. Periodic Review 5. Two-Bin System 35
  • 36. 27. Why do you want to work with us? Useful material for piano lovers: http://pianotipsa2z.blogspot.com/2017/03/14-secrets-to-become-pro- pianist.html 36 More likely than not, the interviewer wishes to see how much you know about the company culture, and whether you can identify with the organization’s values and vision. Every organization has its strong points, and these are the ones that you should highlight in your answer. For example, if the company emphasizes on integrity with customers, then you mention that you would like to be in such a team because you yourself believe in integrity.
  • 37. 28. Order-point or re-order-level inventory control is used for which of the following? 1. Production scheduling 2. Monitoring the workings of a MRP system 3. Control of dependent demand inventory items 4. Inventory quality control 5. Control of independent demand inventory items Control of independent demand inventory items 37
  • 38. 29. Tell me a suggestion you have made that was implemented in this field? It's important here to focus on the word "implemented." There's nothing wrong with having a thousand great ideas, but if the only place they live is on your notepad what's the point? Better still, you need a good ending. If your previous company took your advice and ended up going bankrupt, that's not such a great example either. Be prepared with a story about an idea of yours that was taken from idea to implementation, and considered successful. 38 Do you love running? This is a useful running material for you: http://runningsecrets247.blogspot.com /2017/04/free-ebook-18-running- secrets.html
  • 39. 30. Have you ever had a conflict with a boss or professor? How was it resolved? Note that if you say no, most interviewers will keep drilling deeper
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