Step 1: Understanding the Concept:
Mathematical averages include Arithmetic Mean (AM), Geometric Mean (GM), and Harmonic Mean (HM).
Step 2: Key Formula or Approach:
The Harmonic Mean (HM) of $n$ observations $x_1, x_2, \dots, x_n$ is mathematically defined as:
\[HM = \frac{n}{\sum_{i=1}^{n} \frac{1}{x_i}} = \frac{1}{\frac{1}{n} \sum_{i=1}^{n} \frac{1}{x_i}}\]
This represents the reciprocal of the arithmetic mean of the reciprocals of the individual data values.
Step 3: Detailed Explanation:
Therefore, harmonic mean is the reciprocal of the average of the reciprocals of values of items of a series.
Step 4: Final Answer:
Hence, the correct option is (B).