From the course: Ideation for Leaders
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Ideas that explore versus exploit
- Imagine gambler Dane ready to hit the slot machines, aka the old school One-Armed Bandits. How does Dane know what machines to play to win? This is the famous Multi-Armed Bandit Problem, and it highlights the difference between exploration, pulling levers on many different machines to test them out, and exploitation, pulling levers on only the most promising machines found. Your business is full of these exploration-exploitation trade-offs, the new versus the best known. It's helpful to think about ideas falling into one of these two categories, exploration or exploitation. When your team understands how to generate and sort ideas into these categories, you'll be better able to steer ideation, they'll generate more ideas more purposefully, and everyone will be able to evaluate ideas more effectively, now let's start with definitions. Exploration ideas focus on the new, and the different, like new business processes,…
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