Applications
Greedy algorithms mostly (but not always) fail to find the globally optimal solution, because they usually do not operate exhaustively on all the data. They can make commitments to certain choices too early which prevent them from finding the best overall solution later. For example, all known greedy coloring algorithms for the graph coloring problem and all other NP-complete problems do not consistently find optimum solutions. Nevertheless, they are useful because they are quick to think up and often give good approximations to the optimum.
If a greedy algorithm can be proven to yield the global optimum for a given problem class, it typically becomes the method of choice because it is faster than other optimisation methods like dynamic programming. Examples of such greedy algorithms are Kruskal's algorithm and Prim's algorithm for finding minimum spanning trees, Dijkstra's algorithm for finding single-source shortest paths, and the algorithm for finding optimum Huffman trees.
The theory of matroids, and the more general theory of greedoids, provide whole classes of such algorithms.
Greedy algorithms appear in network routing as well. Using greedy routing, a message is forwarded to the neighboring node which is "closest" to the destination. The notion of a node's location (and hence "closeness") may be determined by its physical location, as in geographic routing used by ad-hoc networks. Location may also be an entirely artificial construct as in small world routing and distributed hash table.
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