Fluctuations of thermodynamic quantities are fundamental for the study of the QGP phase transition. The ALICE experiment is well suited for precise event-by-event measurements of various quantities. In this article, we review the capabilities of ALICE to study the fluctuations of several key observables such as the net charge, the temperature, and the particle ratios. Among the observables related to correlations, we review the balance functions and the long range correlations.
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