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What does standard and budgeted mean in paper pm and how do we calculate them?
Standards are what we expect to happen (so the standard production time per unit is the number of hours we expect each unit to take to produce). The budgeted costs are using the standards.
As far as calculating them is concerned, in practice you would make estimates based on what is expected will happen. In exam questions you are either given them inn the question or given the information needed to be able to calculate them.
This is really all revision from Paper MA (was F2). To the extent that they are relevant for Paper PM they are explained in my free lectures. The lectures are a complete free course for Paper PM and cover everything needed to be able to pass the exam well.
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