Logical Volume Management (LVM) is a system that allows users to manage disk storage more flexibly than traditional partitioning methods. It enables the creation of logical volumes that can be resized, moved, or combined without needing to reformat the underlying physical disks. This flexibility is particularly useful for adapting to changing storage needs. LVM works by abstracting the physical storage into a pool of resources. Users can create volume groups from multiple physical volumes, and then allocate logical volumes from these groups. This setup simplifies tasks like adding new disks or reallocating space, making storage management more efficient and user-friendly.