Industrial Management Interview Preparation Guide
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Industrial Management frequently Asked Questions by expert members with experience in Industrial Management. So get preparation for the Industrial Management job interview

24 Industrial Management Questions and Answers:

1 :: What are the difference between make to stoke and make to order strategies?

Make to stock strategies is that increase the stock of
finished good so that to increase the gross profit and make
to order strategies is to increase the order lavel and
planning the production according to that and take the
benifit of uncessary bound of capital in stock
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2 :: What does OEM mean & Who is an OEM, explain with detailed examples?

Original equipment manufacturer, when NIKE purchased
stitched cloth from Tirupur (Tamilnadu) mills for its own
branded T-Shirts, NIKE sold the T-Shirt to the end user
through its own sales team and brand name, then NIKE was
called the OEM in relation to the particular Tirupur mill.
In definition, a company that uses a product made by
another company in its own product and sells the product of
the second company under its own brand is called OEM.
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3 :: An indian garment manufactures mission is to become the largest mens shirt provider in the world. Its CEO feels that this is possible only if they apply lean management techniques across the extended enterprises ,covering all their supplier and dealer partner. what are the neccessary five essential requirements to sucessfully achieve such extended entrprises wide lean management?

Lean is nothing but the priciples and creative ideas, hepls
to avoid the 7 types of wastes called MUDA wastes.
1. Overproduction waste: Follow JUST IN TIME
production, after receiving orders or based on good
forecasting.
2. Idle time waste: Implement kaizen and other ideas
to work continously.
3. Transportation waste: Avoid unnecessary movements.
4. Inventory waste: JUST IN TIME procurement
5. Motion waste: Good layout designing.
6. Over-processing waste: Avoid duplication works,
work dedication.
7. Reworking waste: Effective planning.
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4 :: What do you mean by ethical dilemmas? Describe the frameworks for resolving ethical dilemmas?

An ethical dilemma is a situation in which there two or more
choices and either both are ethically questionable, or both
appear on different grounds to be the "more ethical" choice
than the other.
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5 :: Explain Difference between MPP & MRP?

MRP MEANS MAX. RETAIL PRICE & MPP MEANS MAX. PURCHASES PRICE
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6 :: What is Return PO(Purchase Oreder)?

return po refers to the refusal of purchase order by the
purchase manager, made by the respective department in
order to accomplish uninterrupted supply of production
chain at their end.
a purchase order can be returned by the purchase manager in
the following cases:
1. cost of purchase quantity is not compatative.
2. quantity of purchased goods are too high to maintain
inventory.
3. materials to be purchased are not available within the
given period of time as indicated in po.
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7 :: Explain the Modern Theory of International Trade. How is it an improvement over the Classical theory?

This theory was propounded by Eli-heckscher(1879-1952) and
later refined by Swedish economist Bertil Ohlin(1899-1979)
in 1933.
Acoording to Ohlin, the differences in the factor prices
are due to the differences in the factor endowments in
different countries and the differences in production
functions for different commodities. Hence Ohlin's theory
can be called factor endowment theory.

ASSUMPTIONS OF THEORY
1.There are 2 countries or regions say X and Y, each having
a free papre currency of producing any two commodities.
2. There are 2 factors of production i.e. labour and
capital.
3. the factors of production are fully mobilewithin each
region of a country while they are rtelatively immobile in
between any two regions or two countries.
4. Competition in all markets.
5. Each factor is fully employed in each country with or
without trade.
6. There are no transportation of information costs.
7. There are no imposed tarrifs or other barriers to trade.
8. All production functions are lineally homogeneous.
9. All production functions are immune to factor intensity
reversals.
10. Both countries produce both goods with or without trade.
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8 :: What are the major problems faced by developing countries in promoting their exports? Suggest some solutions to these problems?

1.Unpopular brand name
2.Vast exporting rules and
procedures
3.Currency fluctuation
4.Payment modes
5.Poor logistics.
6. Huge competition from China and African
countries. U can give some example for this, logistics
expense for exporting fresh vegetables and fruits from
India to other countries is 60% higher than our competing
countries like Kenya, Pak etc. Payment modes are heavily
unsafe (Except Letter of credit and Advance). Dispute
solving is one of the other major problem. Port activities:
Our port efficiency is 70% lesse than developed.
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9 :: a. State the basic elements of an export sales
contract.
b. What is a TNC? Why do firms become transnational?

Basic elements or terms present in Export sales contract:
Contract period, Parment terms and modes(L/c, Advance etc),
Tentative quantity, Rates based on Incoterms (FOB, CIF
etc), Customs clearance party name, Dispute solving
procedure, Packing and Labelling conditions, Approx.
delivering date etc.
TNC:Transnational Company nothing but MNC.
Why MNC: To improve market share, to gain Economies of
scale, brand popularity, Govt.Incentives and to avoid
marketing outsourcing cost.
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10 :: What do you mean by Balance of Payments? Explain the relationship between the balance of payments and the exchange rates of a country, giving suitable illustrations in support of your answer?

The record of money payments between one country and other
countries. Balance of payments is more inclusive than
balance of trade because balance of payments comprises
foreign investment, loans, and other cash flows as well as
payments for goods and services. A country's balance of
payments has a significant effect on its currency value in
relation to other currencies. It is of particular interest
to individuals who own foreign investments or who own
domestic investments in companies dependent upon exports.
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