Building an Effective Data Science Practice: A Framework to Bootstrap and Manage a Successful Data Science Practice

© The Author(s), under exclusive license to APress Media, LLC, part of Springer Nature 2022

V. Raina, S. KrishnamurthyBuilding an Effective Data Science Practicehttps://doi.org/10.1007/978-1-4842-7419-4_11

11. Sequential Decision-Making

Vineet Raina¹   and Srinath Krishnamurthy¹

(1)

Pune, India

 

One of the more advanced manifestations of “intelligence” is the ability to voluntarily take decisions that knowingly accept losses in the short-term with a view to gaining a desired outcome in the longer run. The “desired outcome” can take various forms – maximizing profits/rewards (e.g., in an investment strategy), maximizing the chances to realize a targeted goal (e.g., winning in a competition such as chess), or saving patients with life-threatening diseases. ...