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5 Examples of First In, First Out

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First In, First Out (FIFO) is the practice of processing things or serving people in the order that they arrived. The following are illustrative examples.

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
Fairness
Preventing things from going bad
Preventing the situation that something never gets processed.
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