# Solving second-order ODEs with Taylor series approximation of second derivative and linear algebra

I was told about an algorithm to solve ODEs which I thought was very clever. I am sure its not something new. It works by discarding the $\mathcal{O}(h^2)$-term from the usual formula for computing the second derivative:

$$f''_i = \frac{f_{i-1} + f_{i+1} - 2f_{i}}{h^2} + \mathcal{O}(h^2), \qquad i = 0,1,2,\cdots,N$$

one can rewrite the equations for the derivatives for all $i$, as a set of linear equations, then use smart Gauss elimination from linear algebra to find expression for $f$ with exactly $5N$ floating point operations.

(1) Does this method already have a name?

(2) Should I be excited about this algorithm? Is this a particularly good method? Or are there other very different algorithms for solving ODEs which are much better?