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Hole location
Also: pin position · cup placement
Where the cup is cut on a green today, which changes daily on most courses.
Rotating locations spreads wear, which is the maintenance reason. Choosing them well — enough flat ground around the hole, a reasonable approach angle, not tucked behind a bunker on a day the greens are firm — is the playability reason.
A daily sheet with the locations on it is a thing golfers genuinely want and almost never get at a public course.