The "First-Fit" algorithm is a method used in memory management to allocate space for processes in a computer's memory. When a new process requests memory, the algorithm scans the available memory blocks and assigns the first block that is large enough to accommodate the process. This approach is straightforward and can quickly find a suitable space, making it efficient for certain scenarios. However, the First-Fit method can lead to memory fragmentation over time. As processes are allocated and deallocated, small gaps may form between allocated blocks, which can make it difficult to find larger contiguous memory spaces for future requests. This fragmentation can reduce overall memory utilization and may require additional strategies for optimization.