Analysis of Algorithms is a method used to evaluate the efficiency of algorithms, which are step-by-step procedures for solving problems. It helps us understand how an algorithm performs in terms of time and space, allowing us to compare different algorithms and choose the best one for a specific task. By analyzing algorithms, we can determine their time complexity and space complexity. Time complexity measures how the execution time of an algorithm grows with the size of the input, while space complexity assesses the amount of memory required. This analysis is crucial in computer science for optimizing performance and resource usage.