NextMove Software develops innovative informatics solutions to support strategic decision making in the pharmaceutical and chemical industries.
The name "next move" is taken from the field of Game Theory. Game theory is a technique for decision-making based on mathematics. Applying this method, a competitive situation is analyzed in terms of gains and losses to determine the best course of action for an interested party. Typically, an individual's success depends not only on their own choices, but also on the choices of others.
The mascot of NextMove Software is the multi-armed bandit. The multi-armed bandit problem is a model in game theory that considers simultaneous attempts to acquire new knowledge and to optimize decisions based on existing knowledge. The questions arising in this model are related to the issue of balancing reward maximization based on the knowledge already acquired, with attempting new actions or experiments to further increase knowledge. This captures the classic tradeoff of "exploration vs. exploitation". How often should a player who is achieving a given level of success with an existing strategy or policy attempt something new?