Explore a thought-provoking conference talk examining the interplay between standardized tests, affirmative action, and statistical concepts of bias and variance. Delve into the research presented by N. Garg, H. Li, and F. Monachou at the FAccT 2021 virtual conference. Gain insights into their model, key results, and theorems, and understand how these findings apply to real-world scenarios. Analyze the implications of this study on the ongoing debate surrounding standardized testing and affirmative action policies in education and beyond.