The term 'statistical average' is often used to refer to the mathematical concept of the MEAN, which is a four-letter word. The MEAN is a measure of central tendency, which is a way of describing a set of data by identifying the most common value in the set. It is calculated by adding up all the values in the set and then dividing by the number of values in the set. The MEAN is one of the most commonly used measures of central tendency, along with the median and mode.