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Weighted fair queueing (WFQ) is the data packet queuing algorithm used by network schedulers. This strategy consists of implementations of generalized processor sharing policy (GPS), and a natural generalization of fair queuing (FQ). WFQ lets each flow have a certain ration of link capacity, which is usually specified by the flow itself.
Weighted fair queueing is also known as packet-by-packet GPS (PGPS or P-GPS).
Techopedia Explains Weighted Fair Queueing
The weighted fair queueing algorithm shares the processes within one packet transmission time regardless of the incoming pattern. Queueing is the result of congestion on an interface, which means the transmission ring is full and the interface is engaged in sending designated packets. The sole purpose of WFQ is to share limited link bandwidth between processes and flows. The queue size can be manipulated sometimes within the software, but that too can sometimes be of no use. If the queue size is too small, all the data becomes congested. Similarly, if the queue size is too large, it is never completely utilized.
