An LMS is a software application for administering, tracking, and delivering online courses and training programs. It manages user registration, tracks progress, and reports on performance. An LCMS focuses on developing and managing reusable learning content, while an LMS focuses on delivering content and tracking user progress. Key differences are that an LCMS allows content creation and reuse while an LMS does not, and an LCMS manages the content development process while an LMS manages the learning process.