The Simplex Algorithm is a mathematical method used for solving linear programming problems. It helps find the best possible outcome, such as maximizing profit or minimizing costs, within a set of linear constraints. The algorithm works by moving along the edges of a feasible region defined by these constraints until it reaches the optimal solution. Developed by George Dantzig in 1947, the Simplex Algorithm is widely used in various fields, including economics, engineering, and logistics. It efficiently navigates through potential solutions, making it a powerful tool for decision-making in resource allocation and optimization tasks.