Yes, being able to look up and implement an algorithm once you've been told its name is a useful skill.
However, being able to look at a problem and recognise that it is a specific instance of a well-studied problem with libraries already written to solve it is a different skill. Ultimately, someone on the team has to realise that the problem they're trying to solve is linear programming.
However, being able to look at a problem and recognise that it is a specific instance of a well-studied problem with libraries already written to solve it is a different skill. Ultimately, someone on the team has to realise that the problem they're trying to solve is linear programming.