It determines how much that digit is worth. See this article on place value. http://www.aaamath.com/plc.htm
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To determine which digit has the greatest value in a number, you would need to examine each digit individually and identify the highest one. For example, in the number 47382, the digit with the greatest value is 8. If you provide a specific number, I can help identify the greatest digit in that number.
It is in the thousands' place.
For this kind of problems, go from left to right, and use the smallest possible digit for each position.
The value of a digit depends on its position as well as its face value.
Standard numeral is a number written where each digit has a place value according to its position in relation to other digits. It means stating a number in number form.