The term algorithm describes the method for doing a task. The term is generally used in the context of software to describe the program logic for a specific function. The two important factors in determining how to design an algorithm are the accuracy of the result and the efficiency of the processing.
Definitive algorithms perform tasks that have a definite answer and a best method for processing.
An example is searching for a word in a list. Depending on the size of the list, certain search algorithms are more efficient then others. Definitive algorithms are typically of interest to only computer scientist. Subjective algorithms are more interesting for business purposes. Subjective algorithms are used heavily in social sciences, economics, business and financial forecasting, etc.