The Geologic Time Scale is up there with the Periodic Table of Elements as one of those iconic, almost talismanic scientific charts.
Long before I understood what any of it meant, I'd daydream in science class, staring at this chart, sounding out the names, wondering what those black-and-white bars meant, wondering what the colors meant, wondering why the divisions were so uneven, knowing it represented some kind of deep, meaningful, systematic organization of scientific knowledge, and hoping I'd have it all figured out one day.
This all has to do with describing how long ago something happened. There are several ways we figure out relative ages.
The simplest is the law of superposition: if thing A is deposited on top of (or cuts across, or obliterates) thing B, then thing B must have been there already when thing A happened, so thing B is older than thing A.
The chronostratigraphic scale is an agreed convention, whereas its calibration to linear time is a matter for discovery or estimation. We can all agree (to the extent that scientists agree on anything) to the fossil-derived scale, but its correspondence to numbers is a "calibration" process, and we must either make new discoveries to improve that calibration, or estimate as best we can based on the data we have already.