Ogives are cumulative histograms useful for determining how many data values lie above or below a certain value, with methods for plotting both 'less than' and 'more than' types. They visually summarize large data sets, allowing for better understanding of frequency distributions and rates of change, but have limitations such as potentially not reflecting all data points and requiring additional explanations. The document provides examples of constructing cumulative frequency tables and plotting ogives for given data sets.