Skewness and Kurtosis
Skewness is the measure of asymmetry in a statistical distribution or a comparative measure of the two tails. If the curve is symmetrical, skewness will be zero. Right skewed distributions (longer right tail) will have a positive skew while left skewed distributions (longer left tail) will have a negative skew. Its values typically ranges from -3 to 3.
Kurtosis is a measure of sharpness of the peak of a distribution. It also gives us a measure of the combined weight of the tails as compared to the weight of the remaining part of the distribution. If the weight of tails is large, it means the curve will look flatter while if the weight is less, the curve will look like a sharp peak. A standard normal distribution has a Kurtosis of 3.
An application oriented question on the topic along with responses can be seen below. The best answer was provided by Vishwadeepak Choudhary on 27th August 2018.