Procurement Manager Interview Questions
Following is a set of interview questions which may prove beneficial when hiring the best candidate for the role of a Procurement Manager.
What is the role of a Procurement Manager?A Procurement Manager is a crucial and highly dignified part of a company or franchise. They mostly deal with the purchase of goods and stocks for your company’s use. They also deal with handling goods for resale, in a legal fashion. Procurement Managers are highly thrifty and have excellent management skills. They ensure that the company’s stocks increase while its purchases remain affordable. Candidates with a rich background in financial strategies and/or economic studies should be preferred over other applicants because they will be required to perform a full-scale analysis of purchases and to perform calculations accordingly. Candidates must also have excellent negotiation and bargaining skills, as these will prove essential in making the most out of purchases. A good Procurement Manager must also excel in critical thinking and problem-solving abilities. He must be able to extrapolate data, analyze the market and stocks, and make procurements accordingly. He may also require marketing and communication skills, and if working in a team, team management strategies.
Operational and Situational questions
- Are you experienced in collecting data and analyzing the market? How do you do it? Do you use any software?
- What motivations will drive you to look for a new and more efficient supplier and why?
- Do you have any experience working with third-party or supplier management software? If so, which ones? Have they proven useful?
- Elaborate on your method of ensuring timely delivery of products and other orders.
- Suppose a supplier contacts you and tells you that the procurement will see a drastic delay. How will you react? What steps will you take?
- Suppose a department of this company orders a certain type of equipment that is par budget. How will you react?
- What methods do you use to ensure product quality? How do you deal with defective or faulty products?
- Describe your manner of purchasing a product.
- What criteria prove to be the most essential while choosing the best suppliers? Why?
- Are you familiar with a Qualified Products List (QPL)? Describe it.
- Describe some important purchasing metrics.
- Are you familiar with risk management? State all you know about it.
- You must be familiar with general safety regulations of warehouses and stock handling. Can you name a few? How will you be able to implement these into your career?
- State an incident where one of your buyers was not performing up to the mark. How did you handle the situation?
- Describe a time when you and a buyer had a minor or major disagreement with each other? Who was the first to resolve it and how?
- State and explain how you are able to secure thrifty discounts. Can you describe a time when you were able to do that?
- Describe a time when you canceled a contract. What motivated you to do so? How did you make up for it? Elaborate.
- What methods and strategies do you use to increase your supply rate and amount of industry professionals?