Find Interview Questions for Woxsen school of business

Right Answer:
The actual problems that can arise during the purchase include inaccurate demand forecasting, supplier reliability issues, price fluctuations, quality discrepancies, communication breakdowns, and delays in delivery.

Right Answer:
SCOR (Supply Chain Operations Reference) is a model that provides a framework for evaluating and improving supply chain performance through standardized processes, metrics, and best practices. It focuses on five key processes: Plan, Source, Make, Deliver, and Return.

CFPR (Collaborative Forecasting, Planning, and Replenishment) is a model that emphasizes collaboration among supply chain partners to improve forecasting accuracy, streamline planning processes, and enhance inventory replenishment. It aims to align supply and demand more effectively through shared information and joint decision-making.

Right Answer:
Consumption-based planning relies on historical usage data to forecast future inventory needs, while demand-based planning uses market demand forecasts and customer orders to drive inventory decisions.

Neither is universally better; the choice depends on the business context. Consumption-based planning is effective for stable demand patterns, while demand-based planning is better for fluctuating markets or when customer preferences change rapidly.

Right Answer:
To solve supply constraints and expand the supplier base for an upcoming product release, I would:

1. Assess current suppliers to identify capacity limitations.
2. Engage with existing suppliers to negotiate increased production or prioritize our orders.
3. Research and identify potential new suppliers who can meet our quality and capacity requirements.
4. Evaluate new suppliers through a rigorous vetting process, including quality checks and financial stability assessments.
5. Establish relationships with multiple suppliers to diversify risk and ensure a steady supply.
6. Consider alternative materials or components that could alleviate constraints.
7. Implement a demand forecasting system to better align supply with anticipated needs.
8. Maintain open communication with all suppliers to monitor capacity and adjust plans as necessary.

Right Answer:
In stock revaluation, the GL postings typically involve adjusting the inventory account to reflect the new value of the stock, along with a corresponding entry to a revaluation surplus or expense account. In stock adjustment transactions, the GL postings usually involve adjusting the inventory account for the quantity change and reflecting any gain or loss in the appropriate expense or income account.

Right Answer:
We ensure consistent Agile processes through:

* **Training and coaching:** Ensuring the team understands Agile principles and practices.
* **Regular audits and retrospectives:** Identifying deviations and areas for improvement.
* **Using tools and templates:** Standardizing processes and providing guidelines.
* **Defining clear roles and responsibilities:** Ensuring everyone knows their part in the process.
* **Promoting open communication and feedback:** Encouraging early detection of issues.

Right Answer:
* **Epic:** A large, high-level user story that is too big to complete in a single iteration. It's usually broken down into smaller user stories.
* **User Story:** A small, self-contained requirement that represents a valuable piece of functionality for the end-user. It follows the format: "As a [user type], I want [goal] so that [benefit]".
* **Task:** A small, actionable item that needs to be done to complete a user story. It's a technical breakdown of the work required by the development team.

Right Answer:
* **Clear Sprint Goals:** Define specific, measurable, achievable, relevant, and time-bound (SMART) goals for each iteration.
* **Daily Stand-ups:** Facilitate short, focused daily meetings to identify roadblocks and coordinate efforts.
* **Sprint Backlog Management:** Keep the sprint backlog refined, prioritized, and realistic based on team capacity.
* **Timeboxing:** Adhere to time limits for meetings and tasks to prevent scope creep and maintain momentum.
* **Focus on Value:** Prioritize tasks that deliver the most business value within the iteration.
* **Remove Impediments:** Proactively identify and resolve obstacles that hinder the team's progress.
* **Limit Work in Progress (WIP):** Encourage the team to focus on completing tasks before starting new ones.
* **Continuous Feedback:** Regularly review progress, gather feedback, and adapt plans as needed.
* **Defined "Definition of Done":** Ensure a clear understanding of what it means for a task to be considered complete.
* **Team Collaboration & Communication:** Foster open and effective communication and collaboration within the team.

Right Answer:
Scrum is an Agile framework for managing and completing complex projects.

Implementation involves:

1. **Roles:** Defining roles like Product Owner, Scrum Master, and Development Team.
2. **Sprints:** Working in short, time-boxed iterations (Sprints), typically 2-4 weeks.
3. **Artifacts:** Using artifacts like Product Backlog, Sprint Backlog, and Increment.
4. **Events:** Conducting events such as Sprint Planning, Daily Scrum, Sprint Review, and Sprint Retrospective.
5. **Continuous Improvement:** Regularly inspecting and adapting the process based on feedback.

Right Answer:
Kanban focuses on visualizing workflow, limiting work in progress (WIP), and continuous flow. Scrum uses time-boxed iterations (sprints) with specific roles (Scrum Master, Product Owner, Development Team) and events (sprint planning, daily scrum, sprint review, sprint retrospective).

Use Kanban when you need continuous delivery, have evolving priorities, and want to improve workflow incrementally. Use Scrum when you need structured development with fixed-length iterations, have clear goals for each iteration, and benefit from team collaboration with defined roles.