An Algorithm is a sequence of steps to solve a problem. Design and Analysis of Algorithm is very important for designing an algorithm to solve different types of problems in the branch of computer science and information technology.

In Simple Word, Design of Algorithm means we have a Problem and we need to find out the way or Algorithm to solve out that problem. Now, Analysis of Algorithm means that How efficiently we are solving out the problem. Here, Efficiency depends on the Time and Space.

Now, If we take about which is more important, Time or Space, then in Today's world, Time is very important relative to

More importantly, measuring an algorithm in some unit of time(hr, min, sec etc), we will definitely get the misleading result because we will get the different running time of an algorithm on the different machine. That's why we will go with the abstract unit and that is No. of steps that an algorithm will take.

Even, the size of input matters on the total time taken by an algorithm, that's why the worst case(most time taken) of an algorithm is measured.