The term 'OCCAM' is a five-letter name associated with a razor. It is named after William of Ockham, an English Franciscan friar and philosopher from the 14th century. Ockham is best known for his principle of parsimony, which states that among competing hypotheses, the one with the fewest assumptions should be selected. This principle has been adopted by the modern razor industry, and is the basis for the design of the Occam razor.