This is the optimization strategy for the account.

Full Budget Utilization: the goal is to fully utilize budget while trying to bring in as many actions (conversion, clicks etc.) as possible.

Optimal Budget Utilization: full budget utilization is not the primary goal but rather getting the best CPA or ROAS. The algorithm will not utilize the entire budget in order to best manage your CPA, limiting unnecessary allocations of your budget.

CPA Target: this sets a CPA target on your account, campaign group, or campaign level. The algorithm will take actions regarding budget and bids according to target. Over time, your CPA will reach its designated targets.

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