The document describes the longest common subsequence (LCS) problem and its dynamic programming solution. It provides an example to illustrate how the LCS algorithm works by finding the LCS of strings "ABCB" and "BDCAB" in multiple steps. The algorithm runs in O(mn) time, where m and n are the lengths of the two strings, by filling a 2D array c[m+1][n+1] recursively. It can also be modified to recover the actual LCS by tracking the entries that were calculated as c[i-1,j-1]+1 while filling the array.