Standard

Standard is a carefully determined price, cost, or quantity that is used as a benchmark for judging performance. It is usually expressed on a per unit basis.

Definitions

According to Cost Accounting by Horngren, Datar, Rajan (14th edition),

Standard. A carefully determined price, cost, or quantity that is used as a benchmark for judging performance. It is usually expressed on a per unit basis.

According to the ASME EMBOK,

Standard. A description established by authority, custom, or general consent as a model of performance, quality, etc.; also, an established rule of measurement.