The Explore/Exploit Dynamic (or Tradeoff)
This is similar to the explore/exploit dynamic, an idea from computer science, which says that to make the best decisions we should find the correct balance between gathering information (exploring our options) and making the most of what we know (exploiting that information). To make the best decisions, we need to balance exploration and exploitation.
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Excerpted from “Second Act: What Late Bloomers Can Tell You About Success And Reinventing Your Life”, by Henry Oliver.
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Similar ideas to The Explore/Exploit Dynamic (or Tradeoff)
The accumulation of knowledge
Not all of our explorations will lead to something better or be satisfying, but with enough exploration behind us, many of them will.
Failures provide us with useful information that will enable us to make better explore or exploit decisions.
The Recipe to Success
The researchers from Pennsylvania state University found that the 'recipe' for a hot streak = the exploration of creative options followed by exploitation of a specific lane of work.
However, following this, that equation is not enough in itself but a 'specific exploration-exploita...
Decision Making Process
Once we’ve build the strength to create space for thinking, then we can apply clear thinking to make decision.
Decision is a judgment that certain option is the best one.
Decision making process is as follow:
- Define the problem
- Explore potential solutions
- Ev...
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