The document describes the 0/1 knapsack problem, which involves selecting a subset of items to pack in a knapsack without exceeding the knapsack's weight limit, in order to maximize the total value of the items. It presents a dynamic programming algorithm that solves the problem in polynomial time by building up the optimal solution for subproblems. The algorithm fills a two-dimensional table where each entry represents the maximum value achievable for a given subset of items with a particular remaining weight capacity.