What is the calculated average of a set of values known as?

The calculated average of a set of values is known as the mean. This statistical term specifically refers to the sum of all numerical values in a data set divided by the number of values in that set. The mean provides a central value that represents the overall dataset.

In contrast, the median refers to the middle value when the data is arranged in numerical order, serving as a measure of central tendency that can be more representative of a dataset, especially when it contains outliers. The mode identifies the most frequently occurring value in a dataset, which can be useful in understanding the distribution of values. The range is the difference between the highest and lowest values in a dataset, providing insight into the spread or dispersion of the data rather than an average.

Thus, in the context of averages and central tendencies, the mean is the appropriate term for the calculated average of a set of values.