Multi arm bandit

Multi Arm Bandit: A multi-arm bandit is a statistical method used in marketing for testing multiple strategies, offers, or options concurrently to determine which one performs best. Similar to A/B testing, but instead of splitting the audience evenly among all options, a multi-arm bandit test dynamically adjusts the traffic allocation to each option based on their ongoing performance. It's named after a casino slot machine, where each "arm" is a different strategy or option and the "bandit" is the unpredictable reward. This method allows quicker, more efficient decision-making in comparison to traditional testing methods.