Issue Component based on Pick Rules

For WIP Job, we have a requirement to issue the components based on certain criteria (like FIFO, FEFO).

1) I see that WIP Parameters screen offers option to assign Pick Slip Grouping Rule (attached screenshot)

2) However, looking at Pick Slip Grouping Rule doesnt not offer such options like FIFO,FEFO

3) There is another setup avilable under Inventory -> Setup -> Pick Rules, which has rules like FIFO,FEFO but can't be assigned to WIP Parameters.

Does it mean that, assigning the Organization in the Pick Rules window would do the trick ?   Would Issue components honor the Picking rules(based on the Org assigned) ?