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Glossary

Get Your Maintenance Management Terminology Down!

LIFO

LIFO (Last In, First Out) is an approach to inventory management used to track the movement of parts and goods in and out of a warehouse. It is based on the principle that the last item to enter the warehouse is the first item to be sold or used. This system is used to ensure that the most recently acquired items are used first, allowing for the most efficient use of resources. This system is beneficial for businesses that need to keep track of their inventory and ensure that their stock is rotated regularly.

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Our Blogs

With a quick Google search for “preventive maintenance software,” you’ll quickly find ...

23 Nov 2023

US manufacturing is making a coming back. McKinsey's research reported that, by ...

16 Nov 2023

Traditionally, maintenance tasks were often managed using paper-and-pen, relying on ...

15 Nov 2023

Maintenance, Repair, and Overhaul (MRO) ensures the optimal functioning and longevity of ...

10 Nov 2023

From manufacturing plants and healthcare facilities to transportation services, equipment ...

9 Nov 2023

As a maintenance professional, I've witnessed the incredible transformation our industry ...

6 Nov 2023

Maintenance and facility management functions are not just about preserving assets and ...

3 Nov 2023

There is much to consider when purchasing a Computerized Maintenance Management System ...

1 Nov 2023

Introduction Despite the growth in the Computerized Maintenance Management Software ...

26 Oct 2023

Facility management plays an important role in ensuring that organizations' ...

25 Oct 2023