The document discusses an assignment problem where there are 5 machines that each need to be assigned to 1 of 5 jobs. It provides the mathematical formulation and explains how to use the Hungarian method to determine the optimal assignment that minimizes total cost. Specifically, it involves creating a cost matrix, reducing costs by subtracting row and column minimums to find a matrix with all zeros, and using lines to cover the zeros and identify the optimal assignment. Some applications of assignment problems are also listed such as assigning salespeople to territories or vehicles to routes.