This is the 528th most frequent Russian word.
мог
"Мог" means "could" or "was able to" in English (past tense, masculine form).
Using 'мог' here expresses an unrealized possibility in the past.
Я мог закончить проект раньше.
I could have finished the project earlier.
Here 'мог' (in the form 'мог бы') conveys a polite suggestion implying a past action that did not occur.
Ты мог бы позвонить мне вчера.
You could have called me yesterday.
In this sentence, 'мог' describes an ability in the past.