Inventory Manager Question:
Inventory Management Based Job Interview Questions:
Answer:
☛ Can I have a copy of your policies and procedures?
☛ Which inventory cost-flow method do you use for operational and financial purposes?
☛ How is inventory classified? Do you utilize bar coding or scanning equipment?
☛ How are raw material, work-in-progress (WIP) and finished goods stored and monitored?
☛ How are location numbers assigned? Outline of location number definitions?
☛ What systems are used for monitoring the distribution of inventory? Does the system interface with all of the plants – or do the plants manually submit inventory updates to accounting?
☛ What are the procedures followed to verify current inventory levels and managing inventory needed for upcoming work orders?
☛ How do you identify, value, and dispose of obsolete, damaged, and/or slow-moving inventory?
☛ How do you determine appropriate reserves and safety stock levels?
☛ Cycle counts
☛ How often are cycle counts performed?
☛ What products are given priority or a low variance threshold?
☛ Are cycle counts performed for raw materials, WIP and finished goods?
☛ Are random cycle counts periodically conducted?
☛ What is the process followed to perform inventory counts?
☛ Who is responsible for conducting the cycle counts (independent of accounting function)?
☛ How are the employees trained to perform this function?
☛ Have policies/procedures/instructions for cycle counts been established and documented?
☛ Who performs the validation of the counts (should be independent of receiving/production functions)? Any approvals required?
☛ What are the documentation requirements for the cycle counts?
☛ Are the cycle count documents pre-numbered to keep track of all outstanding documents?
☛ How are cycle counted items marked?
☛ What is the process followed to research and resolve discrepancies if any are noted during the cycle count process?
☛ What is the variance threshold above which items must be researched?
☛ Are the causes of the discrepancies tracked and evaluated?
☛ What is the single greatest cause of inventory errors? (Clerical error, equipment failure?)
☛ Who is responsible for making adjustments to the system for discrepancies noted during the cycle count process?
☛ Is an annual physical inventory performed?
☛ Which inventory cost-flow method do you use for operational and financial purposes?
☛ How is inventory classified? Do you utilize bar coding or scanning equipment?
☛ How are raw material, work-in-progress (WIP) and finished goods stored and monitored?
☛ How are location numbers assigned? Outline of location number definitions?
☛ What systems are used for monitoring the distribution of inventory? Does the system interface with all of the plants – or do the plants manually submit inventory updates to accounting?
☛ What are the procedures followed to verify current inventory levels and managing inventory needed for upcoming work orders?
☛ How do you identify, value, and dispose of obsolete, damaged, and/or slow-moving inventory?
☛ How do you determine appropriate reserves and safety stock levels?
☛ Cycle counts
☛ How often are cycle counts performed?
☛ What products are given priority or a low variance threshold?
☛ Are cycle counts performed for raw materials, WIP and finished goods?
☛ Are random cycle counts periodically conducted?
☛ What is the process followed to perform inventory counts?
☛ Who is responsible for conducting the cycle counts (independent of accounting function)?
☛ How are the employees trained to perform this function?
☛ Have policies/procedures/instructions for cycle counts been established and documented?
☛ Who performs the validation of the counts (should be independent of receiving/production functions)? Any approvals required?
☛ What are the documentation requirements for the cycle counts?
☛ Are the cycle count documents pre-numbered to keep track of all outstanding documents?
☛ How are cycle counted items marked?
☛ What is the process followed to research and resolve discrepancies if any are noted during the cycle count process?
☛ What is the variance threshold above which items must be researched?
☛ Are the causes of the discrepancies tracked and evaluated?
☛ What is the single greatest cause of inventory errors? (Clerical error, equipment failure?)
☛ Who is responsible for making adjustments to the system for discrepancies noted during the cycle count process?
☛ Is an annual physical inventory performed?
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