Exploration-Exploitation

Exploration-exploitation is a concept in decision-making where you balance trying new options (exploration) with using known, successful choices (exploitation). For example, if you're choosing a restaurant, exploration involves trying a new place to discover potential favorites, while exploitation means sticking to your familiar favorites that you know you'll enjoy. The goal is to find the best options over time by exploring enough to discover new opportunities, but also exploiting known good choices to maximize immediate benefits. Striking this balance helps optimize decisions in uncertain or changing environments.