This study is probably not a good indicator of penis size in the world. While it’s fun to throw numbers around, they must be taken with the understanding that they can lie (when used or evaluated improperly).
This is how a study needs to be done. First, data must be compiled randomly over the entire sample space (far easier said than done). Once you have data, you can calculate the mean and standard deviation. If the number of sample points is large enough, you can approximate this random variable with the normal distribution via the central limit theorem.
This study, from what I can tell, pretty much violated every possible matter concerning the extremely general outline above. The study made no attempt to be random. Period. The study also made no attempt to collect data from the entire sample space (i.e. the world). Further, the study made no attempt to make the number of persons measured large enough. Three-hundred people is but a drop in the bucket when considering a worldwide distribution that includes a few billion penises.
Essentially, any conclusions drawn from the study are novelty figures that “probably” (in a probabilistic sense) are incorrect with respect to estimating the world-wide distribution. The study was a publicity stunt, not an actual scientific survey.
The truth is that we don’t need this information anyway. Would we be any bigger just because we knew we were below, at or above average? No. What other people are doing and what their size is simply does not matter. Statistically, our penises are independent and therefore our covariance is 0. This means our penis size doesn’t affect each others size, neither positively nor negatively. So instead of labeling our size and obsessing over numbers (especially the numbers of others), just make it bigger.