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The exploration–exploitation dilemma, also known as the explore–exploit tradeoff, is a fundamental concept in decision-making that arises in many domains. [ 1 ] [ 2 ] It is depicted as the balancing act between two opposing strategies.
The other approach is contextual ambidexterity, which uses behavioral and social means to integrate exploitation and exploration at the organizational unit level. [17] [18] Contextual ambidexterity is a balanced type that takes a mid-level position between exploitation and exploration, also known as parallel structures or hybrid strategies.
Exploration refers to search, risk taking, experimentation, and innovation in organizations, whereas exploitation has to do with refinement, efficiency, implementation, and execution. [3] Successful ambidextrous leaders must be able to achieve the appropriate mix of explorative and exploitative activities, unique for each organization, that ...
A row of slot machines in Las Vegas. In probability theory and machine learning, the multi-armed bandit problem (sometimes called the K-[1] or N-armed bandit problem [2]) is a problem in which a decision maker iteratively selects one of multiple fixed choices (i.e., arms or actions) when the properties of each choice are only partially known at the time of allocation, and may become better ...
A U.S. judge will consider on Monday the fate of President Donald Trump's buyout offer to two million federal workers as Trump presses ahead with an unprecedented effort to dismantle government ...
Complexity theory and organizations, also called complexity strategy or complex adaptive organizations, ... Exploration and Exploitation in Organizational Learning.
An Indonesian woman who felt duped into joining the Islamic State’s ”caliphate“ in Syria tells TIME of the challenges of returning home—and what it means to be granted a second chance.
Dr. Aseem Malhotra, a cardiologist and public health campaigner based in London, says Americans' foods are fueling chronic diseases. He shares his warnings and tips with Fox News Digital.