Acronym for Logical Volume Management.
A storage management technology/approach that lets administartors abstract the logical filesystem away from the underlying hardware to allow dynamic repartitioning, multi disc arrays, partitions across multiple drives (or systems) and similar tricks. A new feature in the Linux Kernel 2.4 and rewritten as LVM2 for the 2.6 kernel. RedHat is pushing LVM because these features are considered important by their target audiance. FedoraCore 3 supports LVM 2 partitions in the default install.
See the excellent HowTo at http://tldp.org/HOWTO/LVM-HOWTO/.
Related to RAID.
See LVMNotes for some hints.
4 pages link to LVM: