I'm looking for a formal description of what exactly the "renormalization" problem is. I understand that some problems in physics can be renormalized, while some problems can't, and the renormalization problem has to do with this discrepancy. A thoroughly sufficient answer would include answers to the following questions: Formally describe what renormalization is. Answer why do we apply renormalization? How does renormalization affect the answers to the problem set? Which problem sets are we referring to? Why doesn't it work where the discrepancy exists?