Explanation:
FIFO (First In First Out) is a simple and straightforward scheduling algorithm used in operating systems and data structures. In this approach, processes are scheduled in the order they arrive, without any prioritization. The first process that enters the queue is the first to be executed.

This scheduling technique is analogous to a queue in real life, where the first person in line is served first. FIFO is fair and easy to implement but can lead to inefficiencies under certain conditions, such as the convoy effect, where a long process blocks shorter ones.

FIFO is also used in various data structures, memory management, and I/O scheduling tasks.

Formal Definition:
FIFO (First In First Out) is a scheduling algorithm where processes are executed in the order they arrive, ensuring that the first process to enter the queue is the first to be executed.

Additional Information:
The primary drawback of FIFO scheduling is its inability to handle varying process durations effectively. Long processes may cause significant delays for other tasks, leading to suboptimal system performance.

In memory management, FIFO is also a common page replacement algorithm, though it may cause more page faults compared to advanced algorithms like Least Recently Used (LRU).