Explain the difference between ArrayList and LinkedList in Java. ArrayList is implemented as a dynamic array, while LinkedList is a doubly linked list. ArrayList provides fast random access (O(1) complexity) but slow insertions/deletions in the middle (O(n)). LinkedList allows fast insertions/deletions (O(1) at head/tail) but slow random access (O(n)). ArrayList is preferred when frequent retrieval operations are required. LinkedList is suitable when frequent insertions/deletions are needed. Memory overhead is higher in LinkedList due to additional pointers. ArrayList resizes dynamically when full, whereas LinkedList always grows dynamically. Iteration in ArrayList is faster due to better cache locality. Which one would you choose in a real-world scenario, and why?