Placement and replacement algorithms

In the framework of memory management, describe the placement and replacement algorithms?

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Placement algorithms find out where in available real-memory to load a program. Common techniques are first-fit, next-fit, and best-fit. Replacement algorithms are used if memory is full, and one process (or part of process) requires to be swapped out to accommodate a new program. The replacement algorithm finds out which are the partitions to be swapped out.

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