FIFO, short for "First In, First Out," is a common principle applied in various contexts. Imagine it as a queue where the front most item is always the next to be dealt with. It's like waiting in line at a bakery—whoever arrives first gets served first. This method applies to inventory management, where older products are assumed to be sold before newer ones, ensuring their timely use and minimizing spoilage. FIFO also governs data structures like queues in computer science, where the earliest entered information gets processed first. It's a straightforward and predictable system that keeps things flowing smoothly, like a well-oiled machine.
