I assume you have read the documentation on how to use Standards in service design? The documentation for Prime Service Catalog version 10.1 was restructured to make it easier to follow. I understand that you have 10.0r2 but this section of the doc should still apply to your version as well: http://www.cisco.com/c/en/us/td/docs/net_mgmt/datacenter_mgmt/intel_auto/service_portal/v_10_1/designer/guide/CiscoPrimeServiceCatalog-10-1-DesignerGuide/ServiceForms.html#pgfId-1908738.
One example where you would use Standards:
I want to create a service in which end users need to choose from a list of standard colors that IT offers (thus the name "Standard").
In Service Item Manager, I create a Standard with the list of values, e.g. Red, Yellow and Green.
In my Active Form Component, I point the field that is supposed to present this list of values to the Standard table using a DDR (as described in the doc above).
Now the end user sees a list of choices in the order form.
Why use Standards rather than a database table or hardcode the list into the Active Form Component?
You will not need direct database access to deploy the standard list of values, which are really business values that should be able to change without requiring an conversation with the DBA;
Decouple the list of values into a Standard table that a business analyst can maintain to reflect the need of the business, without having to change the service design.
The permission to access Standards (and Service Items) are managed by RBAC in Service Item Manager. You can setup and manage permissions for a role that you choose in this UI. Roles are defined and managed in the Organization Designer module.