When using the 'lowest cost' bid strategy, what data is Facebook's algorithm primarily optimizing towards?

When using the 'Lowest Cost' bid strategy, Facebook's algorithm primarily optimizes towards obtaining the maximum number of results (conversions, clicks, impressions, etc.) for the entire budget, regardless of the cost per result. The algorithm analyzes user behavior, ad performance, and auction dynamics to identify opportunities to deliver the desired outcome at the lowest possible cost at any given moment, aiming to spend the entire budget efficiently while maximizing the total number of results. It doesn't focus on maintaining a consistent cost per result or adhering to a specific target cost; instead, it prioritizes overall volume within the allocated budget. For example, if your campaign objective is website conversions, the 'Lowest Cost' strategy will attempt to secure as many website conversions as possible while spending your entire budget, even if the cost per conversion fluctuates throughout the day.