Interesting read as one of the benefits of FGPA Logic in LabVIEW
-Multi-loop analog PID loop rates exceed 100kHz on embedded RIO FPGA hardware.

Excerpt from the below wiki:

The PID controller calculation (algorithm) involves three separate parameters; the proportional, the integral and derivative values. The proportional value determines the reaction to the current error, the integral value determines the reaction based on the sum of recent errors, and the derivative value determines the reaction based on the rate at which the error has been changing. The weighted sum of these three actions is used to adjust the process via a control element such as the position of a control valve or the power supply of a heating element.

http://en.wikipedia.org/wiki/PID_controller