Why is the constant always dropped from big O analysis? - algorithm

I'm trying to understand a particular aspect of Big O analysis in the context of running programs on a PC.
Suppose I have an algorithm that has a performance of O(n + 2). Here if n gets really large the 2 becomes insignificant. In this case it's perfectly clear the real performance is O(n).
However, say another algorithm has an average performance of O(n2 / 2). The book where I saw this example says the real performance is O(n2). I'm not sure I get why, I mean the 2 in this case seems not completely insignificant. So I was looking for a nice clear explanation from the book. The book explains it this way:
"Consider though what the 1/2 means. The actual time to check each value
is highly dependent on the machine instruction that the code
translates to and then on the speed at which the CPU can execute the instructions. Therefore the 1/2 doesn't mean very much."
And my reaction is... huh? I literally have no clue what that says or more precisely what that statement has to do with their conclusion. Can somebody spell it out for me please.
Thanks for any help.

There's a distinction between "are these constants meaningful or relevant?" and "does big-O notation care about them?" The answer to that second question is "no," while the answer to that first question is "absolutely!"
Big-O notation doesn't care about constants because big-O notation only describes the long-term growth rate of functions, rather than their absolute magnitudes. Multiplying a function by a constant only influences its growth rate by a constant amount, so linear functions still grow linearly, logarithmic functions still grow logarithmically, exponential functions still grow exponentially, etc. Since these categories aren't affected by constants, it doesn't matter that we drop the constants.
That said, those constants are absolutely significant! A function whose runtime is 10100n will be way slower than a function whose runtime is just n. A function whose runtime is n2 / 2 will be faster than a function whose runtime is just n2. The fact that the first two functions are both O(n) and the second two are O(n2) doesn't change the fact that they don't run in the same amount of time, since that's not what big-O notation is designed for. O notation is good for determining whether in the long term one function will be bigger than another. Even though 10100n is a colossally huge value for any n > 0, that function is O(n) and so for large enough n eventually it will beat the function whose runtime is n2 / 2 because that function is O(n2).
In summary - since big-O only talks about relative classes of growth rates, it ignores the constant factor. However, those constants are absolutely significant; they just aren't relevant to an asymptotic analysis.

Big O notation is most commonly used to describe an algorithm's running time. In this context, I would argue that specific constant values are essentially meaningless. Imagine the following conversation:
Alice: What is the running time of your algorithm?
Bob: 7n2
Alice: What do you mean by 7n2?
What are the units? Microseconds? Milliseconds? Nanoseconds?
What CPU are you running it on? Intel i9-9900K? Qualcomm Snapdragon 845? (Or are you using a GPU, an FPGA, or other hardware?)
What type of RAM are you using?
What programming language did you implement the algorithm in? What is the source code?
What compiler / VM are you using? What flags are you passing to the compiler / VM?
What is the operating system?
etc.
So as you can see, any attempt to indicate a specific constant value is inherently problematic. But once we set aside constant factors, we are able to clearly describe an algorithm's running time. Big O notation gives us a robust and useful description of how long an algorithm takes, while abstracting away from the technical features of its implementation and execution.
Now it is possible to specify the constant factor when describing the number of operations (suitably defined) or CPU instructions an algorithm executes, the number of comparisons a sorting algorithm performs, and so forth. But typically, what we're really interested in is the running time.
None of this is meant to suggest that the real-world performance characteristics of an algorithm are unimportant. For example, if you need an algorithm for matrix multiplication, the Coppersmith-Winograd algorithm is inadvisable. It's true that this algorithm takes O(n2.376) time, whereas the Strassen algorithm, its strongest competitor, takes O(n2.808) time. However, according to Wikipedia, Coppersmith-Winograd is slow in practice, and "it only provides an advantage for matrices so large that they cannot be processed by modern hardware." This is usually explained by saying that the constant factor for Coppersmith-Winograd is very large. But to reiterate, if we're talking about the running time of Coppersmith-Winograd, it doesn't make sense to give a specific number for the constant factor.
Despite its limitations, big O notation is a pretty good measure of running time. And in many cases, it tells us which algorithms are fastest for sufficiently large input sizes, before we even write a single line of code.

Big-O notation only describes the growth rate of algorithms in terms of mathematical function, rather than the actual running time of algorithms on some machine.
Mathematically, Let f(x) and g(x) be positive for x sufficiently large.
We say that f(x) and g(x) grow at the same rate as x tends to infinity, if
now let f(x)=x^2 and g(x)=x^2/2, then lim(x->infinity)f(x)/g(x)=2. so x^2 and x^2/2 both have same growth rate.so we can say O(x^2/2)=O(x^2).
As templatetypedef said, hidden constants in asymptotic notations are absolutely significant.As an example :marge sort runs in O(nlogn) worst-case time and insertion sort runs in O(n^2) worst case time.But as the hidden constant factors in insertion sort is smaller than that of marge sort, in practice insertion sort can be faster than marge sort for small problem sizes on many machines.

You are completely right that constants matter. In comparing many different algorithms for the same problem, the O numbers without constants give you an overview of how they compare to each other. If you then have two algorithms in the same O class, you would compare them using the constants involved.
But even for different O classes the constants are important. For instance, for multidigit or big integer multiplication, the naive algorithm is O(n^2), Karatsuba is O(n^log_2(3)), Toom-Cook O(n^log_3(5)) and Schönhage-Strassen O(n*log(n)*log(log(n))). However, each of the faster algorithms has an increasingly large overhead reflected in large constants. So to get approximate cross-over points, one needs valid estimates of those constants. Thus one gets, as SWAG, that up to n=16 the naive multiplication is fastest, up to n=50 Karatsuba and the cross-over from Toom-Cook to Schönhage-Strassen happens for n=200.
In reality, the cross-over points not only depend on the constants, but also on processor-caching and other hardware-related issues.

Big O without constant is enough for algorithm analysis.
First, the actual time does not only depend how many instructions but also the time for each instruction, which is closely connected to the platform where the code runs. It is more than theory analysis. So the constant is not necessary for most case.
Second, Big O is mainly used to measure how the run time will increase as the problem becomes larger or how the run time decrease as the performance of hardware improved.
Third, for situations of high performance optimizing, constant will also be taken into consideration.

The time required to do a particular task in computers now a days does not required a large amount of time unless the value entered is very large.
Suppose we wants to multiply 2 matrices of size 10*10 we will not have problem unless we wants to do this operation multiple times and then the role of asymptotic notations becomes prevalent and when the value of n becomes very big then the constants don't really makes any difference to the answer and are almost negligible so we tend to leave them while calculating the complexity.

Time complexity for O(n+n) reduces to O(2n). Now 2 is a constant. So the time complexity will essentially depend on n.
Hence the time complexity of O(2n) equates to O(n).
Also if there is something like this O(2n + 3) it will still be O(n) as essentially the time will depend on the size of n.
Now suppose there is a code which is O(n^2 + n), it will be O(n^2) as when the value of n increases the effect of n will become less significant compared to effect of n^2.
Eg:
n = 2 => 4 + 2 = 6
n = 100 => 10000 + 100 => 10100
n = 10000 => 100000000 + 10000 => 100010000
As you can see the effect of the second expression as lesser effect as the value of n keeps increasing. Hence the time complexity evaluates to O(n^2).

Related

Why big-Oh is not always a worst case analysis of an algorithm?

I am trying to learn analysis of algorithms and I am stuck with relation between asymptotic notation(big O...) and cases(best, worst and average).
I learn that the Big O notation defines an upper bound of an algorithm, i.e. it defines function can not grow more than its upper bound.
At first it sound to me as it calculates the worst case.
I google about(why worst case is not big O?) and got ample of answers which were not so simple to understand for beginner.
I concluded it as follows:
Big O is not always used to represent worst case analysis of algorithm because, suppose a algorithm which takes O(n) execution steps for best, average and worst input then it's best, average and worst case can be expressed as O(n).
Please tell me if I am correct or I am missing something as I don't have anyone to validate my understanding.
Please suggest a better example to understand why Big O is not always worst case.
Big-O?
First let us see what Big O formally means:
In computer science, big O notation is used to classify algorithms
according to how their running time or space requirements grow as the
input size grows.
This means that, Big O notation characterizes functions according to their growth rates: different functions with the same growth rate may be represented using the same O notation. Here, O means order of the function, and it only provides an upper bound on the growth rate of the function.
Now let us look at the rules of Big O:
If f(x) is a sum of several terms, if there is one with largest
growth rate, it can be kept, and all others omitted
If f(x) is a product of several factors, any constants (terms in the
product that do not depend on x) can be omitted.
Example:
f(x) = 6x^4 − 2x^3 + 5
Using the 1st rule we can write it as, f(x) = 6x^4
Using the 2nd rule it will give us, O(x^4)
What is Worst Case?
Worst case analysis gives the maximum number of basic operations that
have to be performed during execution of the algorithm. It assumes
that the input is in the worst possible state and maximum work has to
be done to put things right.
For example, for a sorting algorithm which aims to sort an array in ascending order, the worst case occurs when the input array is in descending order. In this case maximum number of basic operations (comparisons and assignments) have to be done to set the array in ascending order.
It depends on a lot of things like:
CPU (time) usage
memory usage
disk usage
network usage
What's the difference?
Big-O is often used to make statements about functions that measure the worst case behavior of an algorithm, but big-O notation doesn’t imply anything of the sort.
The important point here is we're talking in terms of growth, not number of operations. However, with algorithms we do talk about the number of operations relative to the input size.
Big-O is used for making statements about functions. The functions can measure time or space or cache misses or rabbits on an island or anything or nothing. Big-O notation doesn’t care.
In fact, when used for algorithms, big-O is almost never about time. It is about primitive operations.
When someone says that the time complexity of MergeSort is O(nlogn), they usually mean that the number of comparisons that MergeSort makes is O(nlogn). That in itself doesn’t tell us what the time complexity of any particular MergeSort might be because that would depend how much time it takes to make a comparison. In other words, the O(nlogn) refers to comparisons as the primitive operation.
The important point here is that when big-O is applied to algorithms, there is always an underlying model of computation. The claim that the time complexity of MergeSort is O(nlogn), is implicitly referencing an model of computation where a comparison takes constant time and everything else is free.
Example -
If we are sorting strings that are kk bytes long, we might take “read a byte” as a primitive operation that takes constant time with everything else being free.
In this model, MergeSort makes O(nlogn) string comparisons each of which makes O(k) byte comparisons, so the time complexity is O(k⋅nlogn). One common implementation of RadixSort will make k passes over the n strings with each pass reading one byte, and so has time complexity O(nk).
The two are not the same thing.  Worst-case analysis as other have said is identifying instances for which the algorithm takes the longest to complete (i.e., takes the most number of steps), then formulating a growth function using this.  One can analyze the worst-case time complexity using Big-Oh, or even other variants such as Big-Omega and Big-Theta (in fact, Big-Theta is usually what you want, though often Big-Oh is used for ease of comprehension by those not as much into theory).  One important detail and why worst-case analysis is useful is that the algorithm will run no slower than it does in the worst case.  Worst-case analysis is a method of analysis we use in analyzing algorithms.
Big-Oh itself is an asymptotic measure of a growth function; this can be totally independent as people can use Big-Oh to not even measure an algorithm's time complexity; its origins stem from Number Theory.  You are correct to say it is the asymptotic upper bound of a growth function; but the manner you prescribe and construct the growth function comes from your analysis.  The Big-Oh of a growth function itself means little to nothing without context as it only says something about the function you are analyzing.  Keep in mind there can be infinitely many algorithms that could be constructed that share the same time complexity (by the definition of Big-Oh, Big-Oh is a set of growth functions).
In short, worst-case analysis is how you build your growth function, Big-Oh notation is one method of analyzing said growth function.  Then, we can compare that result against other worst-case time complexities of competing algorithms for a given problem.  Worst-case analysis if done correctly yields the worst-case running time if done exactly (you can cut a lot of corners and still get the correct asymptotics if you use a barometer), and using this growth function yields the worst-case time complexity of the algorithm.  Big-Oh alone doesn't guarantee the worst-case time complexity as you had to make the growth function itself.  For instance, I could utilize Big-Oh notation for any other kind of analysis (e.g., best case, average case).  It really depends on what you're trying to capture.  For instance, Big-Omega is great for lower bounds.
Imagine a hypothetical algorithm that in best case only needs to do 1 step, in the worst case needs to do n2 steps, but in average (expected) case, only needs to do n steps. With n being the input size.
For each of these 3 cases you could calculate a function that describes the time complexity of this algorithm.
1 Best case has O(1) because the function f(x)=1 is really the highest we can go, but also the lowest we can go in this case, omega(1). Since Omega is equal to O (the upper bound and lower bound), we state that this function, in the best case, behaves like theta(1).
2 We could do the same analysis for the worst case and figure out that O(n2 ) = omega(n2 ) =theta(n2 ).
3 Same counts for the average case but with theta( n ).
So in theory you could determine 3 cases of an algorithm and for those 3 cases calculate the lower/upper/thight bounds. I hope this clears things up a bit.
https://www.google.co.in/amp/s/amp.reddit.com/r/learnprogramming/comments/3qtgsh/how_is_big_o_not_the_same_as_worst_case_or_big/
Big O notation shows how an algorithm grows with respect to input size. It says nothing of which algorithm is faster because it doesn't account for constant set up time (which can dominate if you have small input sizes). So when you say
which takes O(n) execution steps
this almost doesn't mean anything. Big O doesn't say how many execution steps there are. There are C + O(n) steps (where C is a constant) and this algorithm grows at rate n depending on input size.
Big O can be used for best, worst, or average cases. Let's take sorting as an example. Bubble sort is a naive O(n^2) sorting algorithm, but when the list is sorted it takes O(n). Quicksort is often used for sorting (the GNU standard C library uses it with some modifications). It preforms at O(n log n), however this is only true if the pivot chosen splits the array in to two equal sized pieces (on average). In the worst case we get an empty array one side of the pivot and Quicksort performs at O(n^2).
As Big O shows how an algorithm grows with respect to size, you can look at any aspect of an algorithm. Its best case, average case, worst case in both time and/or memory usage. And it tells you how these grow when the input size grows - but it doesn't say which is faster.
If you deal with small sizes then Big O won't matter - but an analysis can tell you how things will go when your input sizes increase.
One example of where the worst case might not be the asymptotic limit: suppose you have an algorithm that works on the set difference between some set and the input. It might run in O(N) time, but get faster as the input gets larger and knocks more values out of the working set.
Or, to get more abstract, f(x) = 1/x for x > 0 is a decreasing O(1) function.
I'll focus on time as a fairly common item of interest, but Big-O can also be used to evaluate resource requirements such as memory. It's essential for you to realize that Big-O tells how the runtime or resource requirements of a problem scale (asymptotically) as the problem size increases. It does not give you a prediction of the actual time required. Predicting the actual runtimes would require us to know the constants and lower order terms in the prediction formula, which are dependent on the hardware, operating system, language, compiler, etc. Using Big-O allows us to discuss algorithm behaviors while sidestepping all of those dependencies.
Let's talk about how to interpret Big-O scalability using a few examples. If a problem is O(1), it takes the same amount of time regardless of the problem size. That may be a nanosecond or a thousand seconds, but in the limit doubling or tripling the size of the problem does not change the time. If a problem is O(n), then doubling or tripling the problem size will (asymptotically) double or triple the amounts of time required, respectively. If a problem is O(n^2), then doubling or tripling the problem size will (asymptotically) take 4 or 9 times as long, respectively. And so on...
Lots of algorithms have different performance for their best, average, or worst cases. Sorting provides some fairly straightforward examples of how best, average, and worst case analyses may differ.
I'll assume that you know how insertion sort works. In the worst case, the list could be reverse ordered, in which case each pass has to move the value currently being considered as far to the left as possible, for all items. That yields O(n^2) behavior. Doubling the list size will take four times as long. More likely, the list of inputs is in randomized order. In that case, on average each item has to move half the distance towards the front of the list. That's less than in the worst case, but only by a constant. It's still O(n^2), so sorting a randomized list that's twice as large as our first randomized list will quadruple the amount of time required, on average. It will be faster than the worst case (due to the constants involved), but it scales in the same way. The best case, however, is when the list is already sorted. In that case, you check each item to see if it needs to be slid towards the front, and immediately find the answer is "no," so after checking each of the n values you're done in O(n) time. Consequently, using insertion sort for an already ordered list that is twice the size only takes twice as long rather than four times as long.
You are right, in that you can say certainly say that an algorithm runs in O(f(n)) time in the best or average case. We do that all the time for, say, quicksort, which is O(N log N) on average, but only O(N^2) worst case.
Unless otherwise specified, however, when you say that an algorithm runs in O(f(n)) time, you are saying the algorithm runs in O(f(n)) time in the worst case. At least that's the way it should be. Sometimes people get sloppy, and you will often hear that a hash table is O(1) when in the worst case it is actually worse.
The other way in which a big O definition can fail to characterize the worst case is that it's an upper bound only. Any function in O(N) is also in O(N^2) and O(2^N), so we would be entirely correct to say that quicksort takes O(2^N) time. We just don't say that because it isn't useful to do so.
Big Theta and Big Omega are there to specify lower bounds and tight bounds respectively.
There are two "different" and most important tools:
the best, worst, and average-case complexity are for generating numerical function over the size of possible problem instances (e.g. f(x) = 2x^2 + 8x - 4) but it is very difficult to work precisely with these functions
big O notation extract the main point; "how efficient the algorithm is", it ignore a lot of non important things like constants and ... and give you a big picture

Why do we ignore co-efficients in Big O notation?

While searching for answers relating to "Big O" notation, I have seen many SO answers such as this, this, or this, but still I have not clearly understood some points.
Why do we ignore the co-efficients?
For example this answer says that the final complexity of 2N + 2 is O(N); we remove the leading co-efficient 2 and the final constant 2 as well.
Removing the final constant of 2 perhaps understandable. After all, N may be very large and so "forgetting" the final 2 may only change the grand total by a small percentage.
However I cannot clearly understand how removing the leading co-efficient does not make difference. If the leading 2 above became a 1 or a 3, the percentage change to the grand total would be large.
Similarly, apparently 2N^3 + 99N^2 + 500 is O(N^3). How do we ignore the 99N^2 along with the 500?
The purpose of the Big-O notation is to find what is the dominant factor in the asymptotic behavior of a function as the value tends towards the infinity.
As we walk through the function domain, some factors become more important than others.
Imagine f(n) = n^3+n^2. As n goes to infinity, n^2 becomes less and less relevant when compared with n^3.
But that's just the intuition behind the definition. In practice we ignore some portions of the function because of the formal definition:
f(x) = O(g(x)) as x->infinity
if and only if there is a positive real M and a real x_0 such as
|f(x)| <= M|g(x)| for all x > x_0.
That's in wikipedia. What that actually means is that there is a point (after x_0) after which some multiple of g(x) dominates f(x). That definition acts like a loose upper bound on the value of f(x).
From that we can derive many other properties, like f(x)+K = O(f(x)), f(x^n+x^n-1)=O(x^n), etc. It's just a matter of using the definition to prove those.
In special, the intuition behind removing the coefficient (K*f(x) = O(f(x))) lies in what we try to measure with computational complexity. Ultimately it's all about time (or any resource, actually). But it's hard to know how much time each operation take. One algorithm may perform 2n operations and the other n, but the latter may have a large constant time associated with it. So, for this purpose, isn't easy to reason about the difference between n and 2n.
From a (complexity) theory point of view, the coefficients represent hardware details that we can ignore. Specifically, the Linear Speedup Theorem dictates that for any problem we can always throw an exponentially increasing amount of hardware (money) at a computer to get a linear boost in speed.
Therefore, modulo expensive hardware purchases two algorithms that solve the same problem, one at twice the speed of the other for all input sizes, are considered essentially the same.
Big-O (Landau) notation has its origins independently in number theory, where one of its uses is to create a kind of equivalence between functions: if a given function is bounded above by another and simultaneously is bounded below by a scaled version of that same other function, then the two functions are essentially the same from an asymptotic point of view. The definition of Big-O (actually, "Big-Theta") captures this situation: the "Big-O" (Theta) of the two functions are exactly equal.
The fact that Big-O notation allows us to disregard the leading constant when comparing the growth of functions makes Big-O an ideal vehicle to measure various qualities of algorithms while respecting (ignoring) the "freebie" optimizations offered by the Linear Speedup Theorem.
Big O provides a good estimate of what algorithms are more efficient for larger inputs, all things being equal; this is why for an algorithm with an n^3 and an n^2 factor we ignore the n^2 factor, because even if the n^2 factor has a large constant it will eventually be dominated by the n^3 factor.
However, real algorithms incorporate more than simple Big O analysis, for example a sorting algorithm will often start with a O(n * log(n)) partitioning algorithm like quicksort or mergesort, and when the partitions become small enough the algorithm will switch to a simpler O(n^2) algorithm like insertionsort - for small inputs insertionsort is generally faster, although a basic Big O analysis doesn't reveal this.
The constant factors often aren't very interesting, and so they're omitted - certainly a difference in factors on the order of 1000 is interesting, but usually the difference in factors are smaller, and then there are many more constant factors to consider that may dominate the algorithms' constants. Let's say I've got two algorithms, the first with running time 3*n and the second with running time 2*n, each with comparable space complexity. This analysis assumes uniform memory access; what if the first algorithm interacts better with the cache, and this more than makes up for the worse constant factor? What if more compiler optimizations can be applied to it, or it behaves better with the memory management subsystem, or requires less expensive IO (e.g. fewer disk seeks or fewer database joins or whatever) and so on? The constant factor for the algorithm is relevant, but there are many more constants that need to be considered. Often the easiest way to determine which algorithm is best is just to run them both on some sample inputs and time the results; over-relying on the algorithms' constant factors would hide this step.
An other thing is that, what I have understood, the complexity of 2N^3 + 99N^2 + 500 will be O(N^3). So how do we ignore/remove 99N^2 portion even? Will it not make difference when let's say N is one miilion?
That's right, in that case the 99N^2 term is far overshadowed by the 2N^3 term. The point where they cross is at N=49.5, much less than one million.
But you bring up a good point. Asymptotic computational complexity analysis is in fact often criticized for ignoring constant factors that can make a huge difference in real-world applications. However, big-O is still a useful tool for capturing the efficiency of an algorithm in a few syllables. It's often the case that an n^2 algorithm will be faster in real life than an n^3 algorithm for nontrivial n, and it's almost always the case that a log(n) algorithm will be much faster than an n^2 algorithm.
In addition to being a handy yardstick for approximating practical efficiency, it's also an important tool for the theoretical analysis of algorithm complexity. Many useful properties arise from the composability of polynomials - this makes sense because nested looping is fundamental to computation, and those correspond to polynomial numbers of steps. Using asymptotic complexity analysis, you can prove a rich set of relationships between different categories of algorithms, and that teaches us things about exactly how efficiently certain problems can be solved.
Big O notation is not an absolute measure of complexity.
Rather it is a designation of how complexity will change as the variable changes. In other words as N increases the complexity will increase
Big O(f(N)).
To explain why terms are not included we look at how fast the terms increase.
So, Big O(2n+2) has two terms 2n and 2. Looking at the rate of increase
Big O(2) this term will never increase it does not contribute to the rate of increase at all so it goes away. Also since 2n increases faster than 2, the 2 turns into noise as n gets very large.
Similarly Big O(2n^3 + 99n^2) compares Big O(2n^3) and Big O(99n^2). For small values, say n < 50, the 99n^2 will contribute a larger nominal percentage than 2n^3. However if n gets very large, say 1000000, then 99n^2 although nominally large it is insignificant (close to 1 millionth) compared to the size of 2n^3.
As a consequence Big O(n^i) < Big O(n^(i+1)).
Coefficients are removed because of the mathematical definition of Big O.
To simplify the definition says Big O(f(n)) = Big O(f(cn)) for a constant c. This needs to be taken on faith because the reason for this is purely mathematical, and as such the proof would be too complex and dry to explain in simple terms.
The mathematical reason:
The real reason why we do this, is the way Big O-Notation is defined:
A series (or lets use the word function) f(n) is in O(g(n)) when the series f(n)/g(n) is bounded. Example:
f(n)= 2*n^2
g(n)= n^2
f(n) is in O(g(n)) because (2*n^2)/(n^2) = 2 as n approaches Infinity. The term (2*n^2)/(n^2) doesn't become infinitely large (its always 2), so the quotient is bounded and thus 2*n^2 is in O(n^2).
Another one:
f(n) = n^2
g(n) = n
The term n^2/n (= n) becomes infinetely large, as n goes to infinity, so n^2 is not in O(n).
The same principle applies, when you have
f(n) = n^2 + 2*n + 20
g(n) = n^2
(n^2 + 2*n + 20)/(n^2) is also bounded, because it tends to 1, as n goes to infinity.
Big-O Notation basically describes, that your function f(n) is (from some value of n on to infinity) smaller than a function g(n), multiplied by a constant. With the previous example:
2*n^2 is in O(n^2), because we can find a value C, so that 2*n^2 is smaller than C*n^2. In this example we can pick C to be 5 or 10, for example, and the condition will be satisfied.
So what do you get out of this? If you know your algorithm has complexity O(10^n) and you input a list of 4 numbers, it may take only a short time. If you input 10 numbers, it will take a million times longer! If it's one million times longer or 5 million times longer doesn't really matter here. You can always use 5 more computers for it and have it run in the same amount of time, the real problem here is, that it scales incredibly bad with input size.
For practical applications the constants does matter, so O(2 n^3) will be better than O(1000 n^2) for inputs with n smaller than 500.
There are two main ideas here: 1) If your algorithm should be great for any input, it should have a low time complexity, and 2) that n^3 grows so much faster than n^2, that perfering n^3 over n^2 almost never makes sense.

How to calculate O(log n) in big O notation?

I know that O(log n) refers to an iterative reduction by a fixed ratio of the problem set N (in big O notation), but how do i actually calculate it to see how many iterations an algorithm with a log N complexity would have to preform on the problem set N before it is done (has one element left)?
You can't. You don't calculate the exact number of iterations with BigO.
You can "derive" BigO when you have exact formula for number of iterations.
BigO just gives information how the number iterations grows with growing N, and only for "big" N.
Nothing more, nothing less. With this you can draw conclusions how much more operations/time will the algorithm take if you have some sample runs.
Expressed in the words of Tim Roughgarden at his courses on algorithms:
The big-Oh notation tries to provide a sweet spot for high level algorithm reasoning
That means it is intended to describe the relation between the algorithm time execution and the size of its input avoiding dependencies on the system architecture, programming language or chosen compiler.
Imagine that big-Oh notation could provide the exact execution time, that would mean that for any algorithm, for which you know its big-Oh time complexity function, you could predict how would it behave on any machine whatsoever.
On the other hand, it is centered on asymptotic behaviour. That is, its description is more accurate for big n values (that is why lower order terms of your algorithm time function are ignored in big-Oh notation). It can reasoned that low n values do not demand you to push foward trying to improve your algorithm performance.
Big O notation only shows an order of magnitude - not the actual number of operations that algorithm would perform. If you need to calculate exact number of loop iterations or elementary operations, you have to do it by hand. However in most practical purposes exact number is irrelevant - O(log n) tells you that num. of operations will raise logarythmically with a raise of n
From big O notation you can't tell precisely how many iteration will the algorithm do, it's just estimation. That means with small numbers the different between the log(n) and actual number of iterations could be differentiate significantly but the closer you get to infinity the different less significant.
If you make some assumptions, you can estimate the time up to a constant factor. The big assumption is that the limiting behavior as the size tends to infinity is the same as the actual behavior for the problem sizes you care about.
Under that assumption, the upper bound on the time for a size N problem is C*log(N) for some constant C. The constant will change depending on the base you use for calculating the logarithm. The base does not matter as long as you are consistent about it. If you have the measured time for one size, you can estimate C and use that to guesstimate the time for a different size.
For example, suppose a size 100 problem takes 20 seconds. Using common logarithms, C is 10. (The common log of 100 is 2). That suggests a size 1000 problem might take about 30 seconds, because the common log of 1000 is 3.
However, this is very rough. The approach is most useful for estimating whether an algorithm might be usable for a large problem. In that sort of situation, you also have to pay attention to memory size. Generally, setting up a problem will be at least linear in size, so its cost will grow faster than an O(log N) operation.

What is the purpose of Big-O notation in computer science if it doesn't give all the information needed?

What is the use of Big-O notation in computer science if it doesn't give all the information needed?
For example, if one algorithm runs at 1000n and one at n, it is true that they are both O(n). But I still may make a foolish choice based on this information, since one algorithm takes 1000 times as long as the other for any given input.
I still need to know all the parts of the equation, including the constant, to make an informed choice, so what is the importance of this "intermediate" comparison? I end up loosing important information when it gets reduced to this form, and what do I gain?
What does that constant factor represent? You can't say with certainty, for example, that an algorithm that is O(1000n) will be slower than an algorithm that's O(5n). It might be that the 1000n algorithm loads all data into memory and makes 1,000 passes over that data, and the 5n algorithm makes five passes over a file that's stored on a slow I/O device. The 1000n algorithm will run faster even though its "constant" is much larger.
In addition, some computers perform some operations more quickly than other computers do. It's quite common, given two O(n) algorithms (call them A and B), for A to execute faster on one computer and B to execute faster on the other computer. Or two different implementations of the same algorithm can have widely varying runtimes on the same computer.
Asymptotic analysis, as others have said, gives you an indication of how an algorithm's running time varies with the size of the input. It's useful for giving you a good starting place in algorithm selection. Quick reference will tell you that a particular algorithm is O(n) or O(n log n) or whatever, but it's very easy to find more detailed information on most common algorithms. Still, that more detailed analysis will only give you a constant number without saying how that number relates to real running time.
In the end, the only way you can determine which algorithm is right for you is to study it yourself and then test it against your expected data.
In short, I think you're expecting too much from asymptotic analysis. It's a useful "first line" filter. But when you get beyond that you have to look for more information.
As you correctly noted, it does not give you information on the exact running time of an algorithm. It is mainly used to indicate the complexity of an algorithm, to indicate if it is linear in the input size, quadratic, exponential, etc. This is important when choosing between algorithms if you know that your input size is large, since even a 1000n algorithm well beat a 1.23 exp(n) algorithm for large enough n.
In real world algorithms, the hidden 'scaling factor' is of course important. It is therefore not uncommon to use an algorithm with a 'worse' complexity if it has a lower scaling factor. Many practical implementations of sorting algorithms are for example 'hybrid' and will resort to some 'bad' algorithm like insertion sort (which is O(n^2) but very simple to implement) for n < 10, while changing to quicksort (which is O(n log(n)) but more complex) for n >= 10.
Big-O tells you how the runtime or memory consumption of a process changes as the size of its input changes. O(n) and O(1000n) are both still O(n) -- if you double the size of the input, then for all practical purposes the runtime doubles too.
Now, we can have an O(n) algorithm and an O(n2) algorithm where the coefficient of n is 1000000 and the coefficient of n2 is 1, in which case the O(n2) algorithm would outperform the O(n) for smaller n values. This doesn't change the fact, however, that the second algorithm's runtime grows more rapidly than the first's, and this is the information that big-O tells us. There will be some input size at which the O(n) algorithm begins to outperform the O(n2) algorithm.
In addition to the hidden impact of the constant term, complexity notation also only considers the worst case instance of a problem.
Case in point, the simplex method (linear programming) has exponential complexity for all known implementations. However, the simplex method works much faster in practice than the provably polynomial-time interior point methods.
Complexity notation has much value for theoretical problem classification. If you want some more information on practical consequences check out "Smoothed Analysis" by Spielman: http://www.cs.yale.edu/homes/spielman
This is what you are looking for.
It's main purpose is for rough comparisons of logic. The difference of O(n) and O(1000n) is large for n ~ 1000 (n roughly equal to 1000) and n < 1000, but when you compare it to values where n >> 1000 (n much larger than 1000) the difference is miniscule.
You are right in saying they both scale linearly and knowing the coefficient helps in a detailed analysis but generally in computing the difference between linear (O(cn)) and exponential (O(cn^x)) performance is more important to note than the difference between two linear times. There is a larger value in the comparisons of runtime of higher orders such as and Where the performance difference scales exponentially.
The overall purpose of Big O notation is to give a sense of relative performance time in order to compare and further optimize algorithms.
You're right that it doesn't give you all information, but there's no single metric in any field that does that.
Big-O notation tells you how quickly the performance gets worse, as your dataset gets larger. In other words, it describes the type of performance curve, but not the absolute performance.
Generally, Big-O notation is useful to express an algorithm's scaling performance as it falls into one of three basic categories:
Linear
Logarithmic (or "linearithmic")
Exponential
It is possible to do deep analysis of an algorithm for very accurate performance measurements, but it is time consuming and not really necessary to get a broad indication of performance.

Why to ignore the constants in computing the running time complexity of an Algorithm

Can someone explain the reason behind ignoring the constants in computing the running time complexity of an Algorithm please?
Thanks
When analysing time complexity constants are difficult and irrelevant to calculate.
On some architecture addition might take twice as long as multiplication, so now we have to go through the algorithm and calculate the number of additions we make, and the number of multiplications we make in order to get an accurate runtime analysis. Not pretty!
More importantly, even if that is true now, at some point in the future, or on another slightly different architecture, that constant may be different, so the runtime would vary between architectures. So now my algorithm has more than one runtime? One for now on this architecture, and another for another architecture, and each of those may change in the future... Again, not pretty.
In a world where the capabilities of computing change all the time, twice the CPU capabilities tomorrow, four times the memory in a week, etc. there is little relevance to constant factors. This isn't the case if we need to quantify real-life runtime, but when we are analysing the complexity of an algorithm in general, not the complexity of a solution in a specific environment it is the case.
Also, and probably most importantly, the constant factors are not a good measure of the complexity of the problem, and at the end of the day we are trying to measure complexity. An algorithm that is of a specific complexity class, behaves (or more accurately, is bounded) a certain way for all size inputs. So when I try and measure the general complexity of two solutions, I do so in as general a way as possible, and therefore try and consider all values of input size (i.e. n->infinity).
Finally, It allows theoreticians to group algorithms into the same class, irrespective of certain constant factors that may or may not change and may or may not be improved. This is helpful for, among other reasons, optimality proofs; finding that a problem is omega(f(n)) is only useful if we consider algorithms in the complexity class of O(f(n)), irrespective of the constants.
because while comparing very large values, (let's call it n)... n^2 will be higher then k*n for any k, where n->infinity.
this is of course true for any power/exponent of n.
note that in real life projects, you do make these optimizations and try to minimize the constants, but usually they are less siginificant then the degree of the polynom
You only ignore constants when doing rough estimates. Most of the time, it's a valid simplification: when comparing two algorithms for large input dimensions, such as sorting an array, O(n log n) will eventually be faster or smaller than O(n²) no matter what.
However, when two algorithms have the same complexity, or when the expected dataset is so small that the asymptotic behaviour is not a valid real world scenario, then the constant is definitely important. For instance, a bubble sort implementation is likely to perform faster on an array of 3 or 4 values than quicksort.
As the value of n grows in equation 6n^2 + 100n + 300 the constant becomes of less relevance and we tend to ignore that. See the following image
Picture taken from Asymptotic Notation section at Khan Academy.

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