In the field of Computer Science, Programming, and Mathematics, an algorithm pertains to a process or sequence of rules that are to be followed in light of problem-solving or calculation operations. While algorithms are usually employed in computer systems, humans also follow steps algorithmically. Simply, it is a finite list of instructions that is used to accomplish a task. 

One obvious example of an Algorithm is the solving of mathematical problems. It involves constants, variables, and specific operations needed to be performed to make sense of the factors. There are many types of Algorithm, the most fundamental ones are:

1. Recursive Algorithms

2. Dynamic Programming Algorithm

3. Backtracking Algorithm