Exploitation | Exploration | |
---|---|---|
Meaning (Levinthal & March, 1993, p. 95) | “the use and development of things already known”. | “the pursuit of new knowledge of things that might come to be known” |
Activities and ideas usually associated to exploitation and exploitation (March, 1991, p. 71) | “Exploitation includes such things as refinement, choice, production, efficiency, selection, implementation, execution” | “Exploration includes things captured by terms such as search, variation, risk taking, experimentation, play, flexibility, discovery, innovation” |
Managerial actions enabling exploitation and exploration (March, 1994) | Restricting variation | Facilitating variation |