A technique for processing jobs on a first-come, first-served basis is known as.
A technique for processing jobs on a first-come, first-served basis is known as FIFO.
The phrase is often but erroneously stated as "first come, first serve" (instead of "served"). This is an error because "come" is grammatically functioning as a past participle, as it does in the sentence, "They are come." The phrase abbreviates the sentence "The first come is the first served."
FIFO is the acronym for First-In, First-Out. FIFO is a cost flow assumption often used to remove costs from the Inventory account when an item in inventory had been purchased at varying costs. Under FIFO, the oldest cost of an item in inventory will be removed first when one of those items is sold.