Thanks for asking this question, Dalamar. I noticed the self-same thing a while ago but never actually raised it, except in passing.
The concept of Craft Points is discussed
here. In effect, spending Craft Points is a substitute for spending the requisite time to craft an item.
Note that there are some differences between the SRD discussion and what we do in LEW. For example, the decision was taken to abandon the requirement for a specific feat to craft MW items, replacing it with a separate DC 20 Craft check with the appropriate skill. Another difference lies in the fact that LEW requires a raw materials cost which is one third of market price for mundane items (one half for magic items), rather than the one half which the SRD specifies.
There may be others which I'm not aware of. (Another one that I've just remembered is that LEW allocates 150 CP per level, rather than the SRD's 100.)
We'll have to wait for some of the other Judges to share their recollections of the actual discussions which took place, since I wasn't a part of them.
Whoops! I've actually just read through the whole entry I linked above - and it specifically says that on a
failed check (no qualifier) you lose half the gold spent and half the craft points used. So in that sense, the SRD is tougher than the RAW.
'Nock