Minmax

minmax, Min Max, Minmax, Min/Max, v., adj. "Minimum/Maximum." 1. to create and maintain a character using the minimum number of points to get the maximum amount of power. 2. minmaxed, describes a character with complementary or well-balanced stats and abilities. [ME] 3. Also can describe a character that is lopsided in its character stats, with several areas at bare minimum and others at or near maxxed out. Also point juggling.
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Addendum: "minmax" is not a derogatory term, like "powergame." [ME]
Addendum #2: Rapidly becoming derogatory. A favorite tactic of more intelligent munchkins, min/maxing originally (and still is) the practice of taking the minimum in certain stats (such as INT or CHA, see “dump stat”) to provide the maximum points for the stats that make monsters dead.
Addendum #3: The other form of min/maxing is the time-honored practice of building as many minor flaws as possible in order to get the most points to add to ones sheet. Ex: “Ok, I've got Color Blind, Needs Glasses, Left-handed, Minor Klutz, Odious Personal Habit (burping), Chronic Cough, and the quirk “addicted to Pepsi One”. With these flaws I have 150 extra building points for Ogthar: Destroyer of Worlds!”