Which of the following terms refers to methods of understanding the central point of a dataset?

The term that refers to methods of understanding the central point of a dataset is measures of central tendency. This concept encompasses statistical measures that summarize a set of data by identifying the central position within that dataset. The three primary measures of central tendency are the mean, median, and mode.

The mean provides the average value, the median represents the middle value when the data is ordered, and the mode indicates the most frequently occurring value. These measures are essential in data analysis as they give insights into the typical or the most representative value in a dataset, facilitating comparisons and informing decision-making processes.

In contrast, measures of dispersion and variation relate to the spread or variability of the data around that central point, whereas measures of correlation examine relationships between two or more variables. None of these latter terms focus on identifying the central point itself, which is why measures of central tendency is the correct answer.