For most players, simply enabling OSMF's default Dynamic Streaming is sufficient. For some players, customizing the HTTP Dynamic Streaming (HDS) adaptive bitrate algorithm may be desired, but note that this is an advanced task.
Below is a representation of the customizable areas of the adaptive bitrate algorithm. The rest of this article describes the various levels of customization, in order of complexity, starting with simple parameter customization and ending with the complete replacement of the adaptive bitrate algorithm.
Via Nicolas Weil, Olivier NOEL