As part of a project at work I have to calculate the centroid of a set of points in 3D space. Right now I\'m doing it in a way that seems simple but naive -- by taking the avera
Nope, that is the only formula for the centroid of a collection of points. See Wikipedia: http://en.wikipedia.org/wiki/Centroid
You got it. What you are calculating is the centroid, or the mean vector.