Bounding Box Center: You will use a cube projection shape
based on all objects you have in a selection. The center of that
projection will be the pivot point.
3D Cursor: The 3D Cursor location will be your pivot point when
you use this option.
Individual Origins: When you have multiple objects selected, you
will be able to use each origin point as a pivot. The option is great
to apply a rotation or scale to various objects as if they were single
selections.
Median Point: The default option uses an object origin point for
single selections or the median point between multiple selected
objects.
Active Element: If you have various objects selected, you can use
the active object's origin as a pivot. The active object is always the
last one selected.
The management of pivot points in Blender is an option that can save
you a lot of time if used correctly. For instance, if you look at the model
shown in Figure 2.25, you will see a chair. The origin point for that model
is close to the top, not ideal for that type of object.