Olcott is a fresh crater on the far side. It lies to the south-southeast of the craters Seyfert and Polzunov, and to the north of Kostinskiy. This crater lacks any significant appearance of erosion from subsequent impacts, and its features are well-defined. The rim edge is generally circular, with a slight outward bulge to the northeast and a larger bulge to the south. (wikipedia entry)
A crater is a circular depression likely created by an impact event. On the Moon they are named after deceased scientists, polar explorers, astronauts or cosmonauts.