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Can you help me to respond to discussion reply to classmate please. I really need help!!!! The standard cost is established by using past experiences

Can you help me to respond to discussion reply to classmate please. I really need help!!!!

"The standard cost is established by using past experiences to measure the actual cost, it can be used in a flexible budgeting system to enable management to better understand the reasons for variances. Variance analysis summarizes the difference between standard cost and the actual cost, and management by exception means managers focus attention on the difference between actual cost and standard cost. All of the above methods are used for a better understanding of the manufacturing process."

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