Usually means: Statistical representation of data trend.
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We found 7 dictionaries that define the word line of best fit:

General (2 matching dictionaries)
  1. line of best fit: Wiktionary
  2. Line of best fit, The Line of Best Fit: Wikipedia, the Free Encyclopedia

Business (3 matching dictionaries)
  1. Line of best fit: Financial dictionary
  2. Accounting, Business Studies and Economics Dictionary (No longer online)
  3. BusinessDictionary.com (No longer online)

Computing (1 matching dictionary)
  1. Line of best fit: Encyclopedia

Medicine (1 matching dictionary)
  1. Line of best fit: Medical dictionary

Definitions from Wiktionary (line of best fit)

noun:  (mathematics) A line on a scatter plot that best defines or expresses the trend shown in the plotted points. It is chosen so that the sum of the squares of the distances from the points to the line is a minimum. It also illustrates the correlation (positive, negative, or zero correlation) between the plotted variables.

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