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Occam's razor
Description
The problem-solving principle that "entities should not be multiplied beyond necessity" or, more simply, the simplest explanation is usually the right one.
Occam's razor in business decision
When diagnosing a recurring IT issue, instead of assuming a complex series of interconnected failures, applying Occam's Razor would suggest first investigating the simplest, most common potential causes.
Occam's razor in personal life decision
You prefer a simple explanation for your lost keys (you misplaced them) rather than an elaborate one (someone broke in and rearranged your belongings).