noun extreme economy or frugality
In philosophy, parsimony is a principle of preferring simpler explanations or theories over more complex ones.
In statistics, parsimony is used in model selection to choose the most efficient model that explains the data.
In economics, parsimony refers to the principle of choosing the simplest explanation or model that fits the data.
In biology, parsimony is used in phylogenetic analysis to choose the simplest evolutionary tree that explains the observed data.
In writing, parsimony refers to the practice of using concise and precise language to convey information effectively. Writers often strive to be parsimonious in their use of words to avoid unnecessary repetition or verbosity.
In psychology, parsimony is a principle that suggests the simplest explanation is usually the correct one. Psychologists use parsimony when developing theories or hypotheses, favoring explanations that require the fewest assumptions or variables.
In scientific research, parsimony is used to guide the development of theories and models. Scientists aim to create simple and elegant explanations that can account for complex phenomena, avoiding unnecessary complexity or ad hoc assumptions.
In economics, parsimony is often applied in the context of modeling and forecasting. Economists seek to develop parsimonious models that can accurately predict economic trends using a minimal number of variables or parameters.
Statisticians use parsimony when selecting models to analyze data. They prefer models that strike a balance between accuracy and simplicity, avoiding overfitting by including only the essential variables needed to explain the data.