On first impression, the name appears to imply a Paradigm which was not the original intent I believe ? EDIT: "the name" referring to the original name i.e. Dynamic Programming. What you recommended is closer to what happens actually.

I think I agree with people who call it "exhaustive search resulting in optimal solution where search space is generated incrementally in deterministic polynomial time"

Hmm :-/... I guess I'll stick with the conventional acronym, sounds less daunting and even somewhat cool that way.