Every programmer should be aware of what Big O notation is, how it applies for actions with common data structures and algorithms (and thus pick the correct DS and algorithm for the problem they are solving), and how to calculate it for their own algorithms.
1) It's an order of measurement of the efficiency of an algorithm when working on a data structure.
2) Actions like 'add' / 'sort' / 'remove' can take different amounts of time with different data structures (and algorithms), for example 'add' and 'find' are O(1) for a hashmap, but O(log n) for a binary tree. Sort is O(nlog n) for QuickSort, but O(n^2) for BubbleSort, when dealing with a plain array.
3) Calculations can be done by looking at the loop depth of your algorithm generally. No loops, O(1), loops iterating over all the set (even if they break out at some point) O(n). If the loop halves the search space on each iteration? O(log n). Take the highest O() for a sequence of loops, and multiply the O() when you nest loops.
Yeah, it's more complex than that. If you're really interested get a textbook.
