The Big Five Trait Theory is used to describe the five core traits of personality: openness to experience, conscientiousness, extroversion-introversion, agreeableness, and neuroticism. These traits are often used to help predict relationships between different personality types, as well as predictors of success in different aspects of life (Psychology Today, 2018).
Ackerman (2017) argues that the Big 5 traits have been verified across different cultures and countries, thus making them relatively neutral in terms of culture bias, and findings involving the traits to be more or less universal.
In practice, the Big 5 is used in settings such as human resources departments, rather than as a comprehensive explanation of personality. For example, conscientiousness was found to be reliably correlated with success in the workplace, moreso than other traits. So an HR department might run an entire test but only be looking for a high conscientiousness score. The Big 5 trait theory is not sufficient to encompass all aspects of a personality, however. They might be the "Big 5" but even if one accepts that proposition that does not mean that they are the only five aspects...
References
Ackerman, C. (2017). The big five personality theory: The 5 factor explained Positive Psychology Program. Retrieved March 14, 2018 from https://positivepsychologyprogram.com/big-five-personality-theory/
Psychology Today (2018). Big 5 personality traits. Psychology Today. Retrieved March 14, 2018 from https://www.psychologytoday.com/basics/big-5-personality-traits
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