FIFO (First In, First Out)
FIFO (First In, First Out) is an ordering principle used for inventory and supply chain management. It states that the oldest items in stock should be sold or utilized first to ensure that they are not expired or out of date by the time they are sold/used. This method is often employed in purchasing processes to ensure efficiency and accountability. By utilizing FIFO, businesses can keep track of their resources and guarantee freshness and quality of products entering the market.
