LIFO is an acronym of the words Last in, First Out. In practice, usually just the acronym LIFO is used. It is a simple, highly versatile management method, respectively the way of organizing, handling and prioritization of moving of materials, data or anything else. Last request / data / material enters the service first. The concept of LIFO is the most used in logistics and transportation, warehouse management, production logistics, programming or requirements management and the inventories valuation.
LIFO method is also known in computer science as a stack.
Use of the LIFO in practice:
- Logistics and Transportation: material received last is shipped as the first one
- Programming: LIFO abstract data type called a stack
- LIFO as a method of inventories valuation