How to work out LC50?

Could you please elaborate on the process of determining the Lethal Concentration 50 (LC50) value? Is it a specific laboratory procedure, or does it involve a series of steps? What are the key factors that need to be considered when conducting such an experiment? Additionally, are there any standard protocols or guidelines that researchers typically follow when working out the LC50? Furthermore, how does the LC50 value differ from other toxicity measures, and why is it considered an important metric in assessing the potential harm of a substance?