How to make the Standard Inventory Organization?

Dear Experts,

We have worked on the Average/FIFO and  LIFO costing methods of inventory Organization. Now we are working for the Standard Costing Method. Kindly tell me that what are the steps after creating the inventory Org as Standard and giving the paramerts information. I mean to say that how we can make the Item Standard cost and how can we update them if required? And what other setups are required for this type of Inventory Org?

Thanks In Advance