Customer Service
A service that asks customers to line up such that people are served in the order they arrived. In most cases, customers naturally form queues when waiting for service.Retail
Ordering perishable goods on a shelf such that the newest items are at the back in the hopes that customers will take the oldest items first.Supply Chain
Managing warehouses such that the oldest packages are shipped first.Information Technology
Banking software that settles stock trades in the order that they filled.Accounting
It is a common practice for accounting to assume that the oldest items in inventory were sold first. Some accounting standards require FIFO as a base assumption.Overview: FIFO | ||
Type | ||
Definition (1) | Processing things or serving people in the order that they arrived. | |
Value | FairnessPreventing things from going badPreventing the situation that something never gets processed. | |
Related Concepts |