LVM stands for Logical Volume Management, which is a system of managing logical volumes or filesystems that is much more advanced and flexible than the traditional method of partitioning. LVM provides a method of allocating space on mass-storage devices that is more flexible than conventional partitioning schemes to store volumes. With LVM, storage space is managed by combining or pooling the capacity of the available drives, which offers system administrators a more flexible approach to managing disk storage space than traditional partitioning. LVM manages three concepts: Volume Groups, Physical Volumes, and Logical Volumes. Physical Volumes can be either hard disks, hard disk partitions, or Logical Unit Numbers (LUNs) of an external storage device. The system pools Logical Extents (LEs) into a Volume Group (VG), which can then be concatenated together into virtual disk partitions called Logical Volumes or LVs. LVM allows for easy scaling of storage capacity, both up and down, making it simpler to resize and move storage volumes as needed.