This version of the Standard Model is written in the Lagrangian form.
The Lagrangian is a fancy way of writing an equation to determine the state of a changing system and explain the maximum possible energy the system can maintain.
The Standard Model is renormalizable and mathematically self-consistent, however despite having huge and continued successes in providing experimental predictions it does leave some unexplained phenomena.
One short definition is that if a theory is renormalizable, then the adjustment of a finite number of parameters (such as the bare electron charge and mass) allows us to calculate the results of all observable in finite terms.