Ockham's Razor, also known as the Law of Parsimony, is a principle attributed to 14th-century English logician and Franciscan friar William of Ockham. It states that among competing hypotheses, the one with the fewest assumptions should be selected. This principle is often used in scientific and philosophical discussions to determine which hypothesis is most likely to be true. Ockham's Razor is often summarized as 'the simplest explanation is usually the correct one.'