1. **State the problem:** Simplify the fraction $\frac{1}{4}$ or understand its value. 2. **Formula and explanation:** A fraction $\frac{a}{b}$ represents the division of $a$ by $b$. 3. **Intermediate work:** Here, $a=1$ and $b=4$, so the fraction is $\frac{1}{4}$. 4. **Simplification:** Since 1 and 4 have no common factors other than 1, the fraction is already in simplest form. 5. **Interpretation:** $\frac{1}{4}$ means one part out of four equal parts. 6. **Final answer:** The fraction is $\frac{1}{4}$, which is 0.25 in decimal form.