The Longest Remaining Time First (LRTF) scheduling algorithm schedules the process with the longest remaining burst time first. It works by first scheduling the process with the earliest arrival time. Then, it schedules either the next arriving process or the current process depending on which has the longer remaining burst time. This continues until all processes have been executed. While simple to implement, LRTF can result in higher average waiting times and turnaround times compared to the Shortest Remaining Time First algorithm.