“Explore or Exploit” is a tradeoff between exploration to gather new information for a potential gain and exploitation to reap the highest known rewards.
Is Explore or Exploit better?
The optimal strategy is to start with a period of exploration, where you pull levers at random and gather information. When you have more information about what works and what doesn’t, you shift to spending the majority of your time pulling the best lever (exploitation), but you keep exploring the other options in case your current best option isn’t the very best that exists. - Josh Kaufman
h/t to @T_Potz for introducing me to Explore/Exploit