The Standard price is the most important price used for a part in the system. The standard price describes the value of the product. Standard price (std. price) is used in many occasions, such as the calculation basis price for purchased material, inventory values, contribution margins etc.
For purchased parts, the standard price could be a recommended price for the purchase price + possible purchasing costs. For manufactured parts, a pre-calculation is made in the system, which is saved as the standard price.
You can manage both a current and a future standard price in the system. The future standard price can be used to create calculations for future prices in view of a new fiscal year.