Couple Questions in HOH vol 1

[Novak79]

1. on Page 25 Harrington says that he wanted to reduce his volatility. He explains it a little but I'm still confused. Can someone put this in simpler terms for me?

2. on page 151 he goes through a hand analysis problem. Is there a simplier way to explain how to do these calculations or am I just going to have to study that page more carefully?

3. same basic question as 2 but different type of problem. This one is on page 211

Thanks in advance for any help and sorry if these are dumb questions.