What are Cache Replacement (or Eviction Policy) algorithms?

In computing, cache algorithms (also frequently called cache replacement algorithms or cache replacement policies or cache eviction policies) are optimizing instructions, or algorithms, that a computer program or a hardware-maintained structure can utilize in order to manage a cache of information stored on the computer. Caching improves performance by keeping recent or often-used data items in memory locations that are faster or computationally cheaper to access than normal memory stores. When the cache is full, the algorithm must choose which items to discard to make room for the new ones.