What does the term 'mean' refer to in statistics?

In statistics, the term 'mean' specifically refers to the average of a set of numbers. To calculate the mean, you take the total sum of all the values in the dataset and then divide that sum by the number of values. This calculation gives you a single value that represents the central tendency of the data, providing insight into the overall level of the dataset.

The mean is particularly useful because it takes all values into account, thus providing a balanced measure. It's important to use a large enough and representative sample to ensure that the mean is reflective of the entire population you are studying. This definition aligns precisely with the correct answer, as it highlights the process of combining all data points and spreading them evenly across the number of observations.

In contrast, the other options refer to different statistical terms. The most frequently occurring value corresponds to the mode, while the value that separates the higher half from the lower half describes the median. The sum of the values in the dataset is simply that—a measurement that does not account for the number of items, thus not reflecting the mean.