The Conjugate Gradient method was also invented in the 1950s, with independent developments by Cornelius Lanczos, Magnus Hestenes and Eduard Stiefel, but its nature and applicability were misunderstood at the time.
The actual organizational structure (hierarchical, iterative, etc.) is left to the discretion of the designer, depending on the problem.
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Hestenes, Stiefel, and Lanczos, all from the Institute for Numerical Analysis at the National Bureau of Standards, initiate the development of Krylov subspace iteration methods.