The term "Ksp" stands for the solubility product constant, which is a numerical value that indicates the solubility of a sparingly soluble ionic compound in water. It is derived from the equilibrium expression of the dissolution of the compound, representing the product of the concentrations of its ions, each raised to the power of their coefficients in the balanced chemical equation. A higher Ksp value suggests greater solubility. Ksp is crucial in fields like chemistry and environmental science, as it helps predict whether a precipitate will form in a solution. By comparing the ion product of a solution to the Ksp, scientists can determine if a compound will remain dissolved or precipitate out.