A Like record is a reference to a process library item. When the method is evaluated (by the scheduler) it will behave as if the library item referenced was inserted directly in the method. The library item referenced can be any method fragment that is meaningful in the context in which it appears.
A Like record is most useful for processes that are constant, e.g. a sub-contracted process such as painting or plating. If you use a Like record, then there is only one thing to update if the sub-contractor changes their prices.