Standard Deviation (SD) and Extreme Spread (ES) are two statistics commonly listed with chronograph results. Extreme spread is the difference between the fastest and slowest bullet. Standard deviation is a more complicated formula and represents how spread out all the shots are from the average.
So let's say you've shot 10 rounds over a chrono:
1050,1050,1050,1050,1050,1070,1070,1070,1070,1070
That's an ES of 20 and an SD of about 10.5
1050,1050,1050,1050,1050,1050,1050,1050,1050,1070
That's an ES of 20 and an SD of 6.3
So two different strings with the same ES can have different SD. The second string of 10 is a beautifully consistent string with one bad round, thus the lower SD.
Standard deviation largely reveals how consistently you are operating the press and how good you are at setting up your chrono. Basically, it shows how well/consistently you're using your gear, and consistency in operating your gear is one of the keys to producing accurate ammo.