Statistical functions are mathematical formulas used to analyze and summarize data. They help in understanding patterns, trends, and relationships within datasets. Common statistical functions include measures of central tendency, such as mean, median, and mode, which provide insights into the average or most common values in a dataset. Additionally, statistical functions can calculate measures of variability, like variance and standard deviation, which indicate how spread out the data points are. These functions are essential in fields like data analysis, economics, and social sciences, enabling researchers to make informed decisions based on quantitative evidence.