What Is the Difference Between Bottom-up and Top-Down?

rev4: A very eloquent comment by user Sammaron has noted that, perhaps, this answer previously confused top-down and bottom-up. While originally this answer (rev3) and other answers said that "bottom-up is memoization" ("assume the subproblems"), it may be the inverse (that is, "top-down" may be "assume the subproblems" and "bottom-up" may be "compose the subproblems"). Previously, I have read on memoization being a different kind of dynamic programming as opposed to a subtype of dynamic programming. I was quoting that viewpoint despite not subscribing to it. I have rewritten this answer to be agnostic of the terminology until proper references can be found in the literature. I have also converted this answer to a community wiki. Please prefer academic sources. List of references: {Web: 1,2} {Literature: 5}

Recap

Dynamic programming is all about ordering your computations in a way that avoids recalculating duplicate work. You have a main problem (the root of your tree of subproblems), and subproblems (subtrees). The subproblems typically repeat and overlap.

For example, consider your favorite example of Fibonnaci. This is the full tree of subproblems, if we did a naive recursive call:

TOP of the tree
fib(4)
 fib(3)...................... + fib(2)
  fib(2)......... + fib(1)       fib(1)........... + fib(0)
   fib(1) + fib(0)   fib(1)       fib(1)              fib(0)
    fib(1)   fib(0)
BOTTOM of the tree

(In some other rare problems, this tree could be infinite in some branches, representing non-termination, and thus the bottom of the tree may be infinitely large. Furthermore, in some problems you might not know what the full tree looks like ahead of time. Thus, you might need a strategy/algorithm to decide which subproblems to reveal.)