I was checking the outputs of the standard deviation from the tool as they did not make sense to me.
I realized there are two problems with the outputs:
1. This is a lesser problem which may or may not be desirable depending on your analysis. The calculated mean value treat "0" as a valid number. In my case this is not desirable. So, I should have excluded the features with value 0 from my dataset prior to running the tool on my fc.
2. This is a bigger problem and it is either desirable or not depending on whether your data points are samples, or the entire population! I calculated the standard deviation by hand using both sample and population formulas. I realized that the tool is calculating the sample standard deviation whereas I want the population standard deviation. So, in this case I will have to extend the tool in python to calculate the correct mean and standard deviation for my data points.