Sorry for making an extra thread for this, but I can’t find an answer to this question. Everyone and everything is talking about LOD. But what does LOD stand for? Having found anything in UE4 Wiki or the Editor which explains that.
Level Of Detail. Based on variable distance an objects complexity, or textures resolution will gradually decrease in order to optimize performance.
Make sure to take a look at this documentation page: https://docs.unrealengine/latest/INT/Engine/Content/Types/StaticMeshes/HowTo/LODs/index.html 
When I first started using the engine, I thought it was “Load On Demand” - and thought it was related to culling!
Thanks all!
It’s basically how detailed assets made in a game engine will be.
As a side note, I’m not sure if this is a “best practice” or not, but in 3dsMax, I assign LOD’s as a 0-5%, 5% - 25%, 25% - 50%, 50% - 75%, and 75% - 100% for the LOD min/ sizes.
One quick question though due to a brain hiccup, do LOD’s need to match the location + pivot point location to the original object? I think it does, but cannot remember off the top of my head.