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What is Algorithm? and its types

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Algorithm is a finite sequence of instructions, each of which have clear meaning and can be executed with a finite amount of effort in finite time. It is the instruction for operation to the computer of any input values to produce output. An algorithm is any well defined computational procedure that takes some value or set of values as input and produces some value or set of values as output. Thus the algorithm is a sequence of steps that transform the input into output. An algorithm is a set of instruction to be performed  to solve the desired problem. We can view an algorithm as a tool for solving well-defined computational problem. In algorithm, we define the statements for computer to solve the specific problem in general terms with desired input and output relationship. Step-by-step procedure to solve the problem Well done now we are aware about what actually algorithm is? But why algorithm is needed? As we know computer have limited space and speed. To make any program faster...