Which of the following is the best formal definition of the statistical mode?

The difference between the largest and smallest observations in a dataset, describing the range and spread of the values.

The value or values that occur most frequently in a dataset; if two or more values share the highest frequency, the dataset has multiple modes.

The middle value in an ordered dataset which divides the distribution into two equal halves when all values are arranged from smallest to largest.

The arithmetic average of all observations, obtained by summing values and dividing by the number of observations, which describes the central tendency of a dataset.