The "Longest Common Prefix" (LCP) is a concept in computer science that refers to the longest initial segment shared by a set of strings. For example, in the strings "flower", "flow", "flight", the longest common prefix is "fl" because it is the longest sequence of characters that appears at the start of each string. Finding the LCP is useful in various applications, such as data compression and search algorithms. It helps in organizing and comparing strings efficiently, making it easier to identify similarities among them. Algorithms for finding the LCP can vary in complexity, depending on the number of strings and their lengths.