When to stop looking for solutions
Optimal Stopping Problem deals with selecting a time to take a particular action or finalizing a solution in such a way that the reward is maximized or the cost is minimized. This selection has to be from a random set of variables each associated with a particular reward of cost. These variables are reviewed sequentially (one after the other) and one may choose to stop at a particular variable (get the associated reward), else can review all variables. If all variables are observed, you will have to choose the last variable as one is not allowed to go back and choose a different variable
An application-oriented question on the topic along with responses can be seen below. The best answer was provided by Natwar Lal on 13th September 2019.
Applause for the respondents- Natwar Lal & Jayaram T