Definition of "parsimony" [par•si•mo•ny]

• Unusual or excessive frugality; extreme economy or stinginess. (noun)
• Adoption of the simplest assumption in the formulation of a theory or in the interpretation of data, especially in accordance with the rule of Ockham's razor. (noun)

American Heritage(R) Dictionary of the English Language, Fifth Edition. Copyright (c) 2011 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

• "Simply put, parsimony is in vogue in boardrooms right now."
• "The principle of parsimony is a centuries-old aspect of the scientific method."
• "Doug: You do assume (in the absence of any observation) that parsimony is more reliable guide to understanding the natural order than say an approach that is more complex."