Last in-first out
The Chartered Institute of Procurement & Supply (CIPS) Glossary of procurement terms, defines last in-first out (LIFO) as a technique in which: ‘Items purchased last are sold first. As these items are likely to be higher in value, the remaining inventory has a lower value.’
The phrase can also be used to refer to personnel, in a situation where the most recently employed are the first to be let go in the event of downsizing.
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