Polymerase Chain Reaction (PCR) is an in vitro method for amplifying specific DNA regions using complementary oligonucleotide primers and DNA polymerase. Key parameters for designing primers include primer sequences, length, GC content, melting temperature (Tm), and annealing temperature (Ta). PCR is applied in various fields such as genotyping, cloning, mutation detection, and forensics due to its simplicity and sensitivity.