Method and Algorithm

noun

• A way of doing something, especially a systematic way; implies an orderly logical arrangement (usually in steps. )
• An acting technique introduced by Stanislavsky in which the actor recalls emotions or reactions from his or her own life and uses them to identify with the character being portrayed.
  • synonyms: method acting

• (n.) An orderly procedure or process; regular manner of doing anything; hence, manner; way; mode; as, a method of teaching languages; a method of improving the mind.
• (n.) Orderly arrangement, elucidation, development or classification; clear and lucid exhibition; systematic arrangement peculiar to an individual.
• (n.) Classification; a mode or system of classifying natural objects according to certain common characteristics; as, the method of Theophrastus; the method of Ray; the Linnaean method.

noun

• A precise rule (or set of rules) specifying how to solve some problem.
  • synonyms: algorithmic rule, algorithmic program

• (n.) The art of calculating by nine figures and zero.
• (n.) The art of calculating with any species of notation; as, the algorithms of fractions, proportions, surds, etc.

Algorithm is a complex mathematical model. In credit scoring, it is used to compare data in millions of credit reports and predict a person's likelihood to repay debts.