The "Last-In-First-Out" (LIFO) method is a way of organizing and managing data or inventory. In this system, the most recently added item is the first one to be removed. This approach is commonly used in various fields, including accounting and computer science, to manage resources efficiently. For example, in a stack data structure, the last item pushed onto the stack is the first one to be popped off. This principle can also apply to inventory management, where the latest products received are sold before older stock, helping businesses manage freshness and reduce waste.