The document describes an algorithm for parsing context-free grammars called the CYK algorithm. It works by examining all possible decompositions of the input string into prefix-suffix pairs based on the grammar productions. It runs in O(n3) time, where n is the length of the input string, making it faster than an exhaustive search approach. The algorithm is demonstrated on an example grammar and string to show how it builds up the possible derivations in a bottom-up dynamic programming manner.