Mathematically, times can refer to x or * to refer to multiplication, which can also be described by factors. You can say you are multiplying something by a factor of (4x), and you can divide something by a factor of 4 (4x). The factoring of size is what is being referred to, not the strict "times = multiplication", but the "times = factors" aspect. Otherwise we should say "one fourth smaller"? It's easier to say a "hundred times smaller" than "one one hundredth smaller" :P Fraction are not very liked lol.