The Elevator Algorithm, also known as SCAN, is a disk scheduling method used in operating systems to manage how data is read from and written to a disk. It works by moving the disk arm in one direction, servicing all requests in that path until it reaches the end, then reversing direction and servicing requests on the return trip. This mimics the way an elevator operates, hence the name. The primary goal of the SCAN algorithm is to reduce the average wait time for disk I/O requests by minimizing the movement of the disk arm. By servicing requests in a linear fashion, it helps maintain a more predictable response time, making it efficient for systems with varying workloads.