We develop a projection operator formalism for studying both the zero
temperature equilibrium phase diagram and the non-equilibrium dynamics of the
Bose-Hubbard model. Our work, which constitutes an extension of Phys. Rev.
Lett. {\bf 106}, 095702 (2011), shows that the method provides an accurate
description of the equilibrium zero temperature phase diagram of the
Bose-Hubbard model for several lattices in two- and three-dimensions (2D and
3D). We show that the accuracy of this method increases with the coordination
number z0 of the lattice and reaches to within 0.5% of quantum Monte Carlo
data for lattices with z0=6. We compute the excitation spectra of the bosons
using this method in the Mott and the superfluid phases and compare our results
with mean-field theory. We also show that the same method may be used to
analyze the non-equilibrium dynamics of the model both in the Mott phase and
near the superfluid-insulator quantum critical point where the hopping
amplitude J and the on-site interaction U satisfy z0J/U≪1. In
particular, we study the non-equilibrium dynamics of the model both subsequent
to a sudden quench of the hopping amplitude J and during a ramp from Ji to
Jf characterized by a ramp time τ and exponent α: J(t)=Ji+(Jf−Ji)(t/τ)α. We compute the wavefunction overlap F, the
residual energy Q, the superfluid order parameter Δ(t), the equal-time
order parameter correlation function C(t), and the defect formation
probability P for the above-mentioned protocols and provide a comparison of
our results to their mean-field counterparts. We find that Q, F, and P do
not exhibit the expected universal scaling. We explain this absence of
universality and show that our results for linear ramps compare well with the
recent experimental observations.Comment: v2; new references and new sections adde