A(n) standard is the quantity of material required if the process is 100% efficient without any loss or waste.

The term you are describing is known as a "standard". In various fields, particularly in production, manufacturing, and project management, a standard represents the optimal quantity of a material or resource that should be used to achieve the desired output when the process is operating at maximum efficiency, without any waste or loss.

Standards serve several key purposes:

1. Benchmarking Efficiency: They provide a clear benchmark against which actual performance can be measured. This enables organizations to identify inefficiencies or areas for improvement.

2. Cost Control: By establishing standards, businesses can more accurately predict costs and manage budgets, leading to more effective resource allocation.

3. Quality Consistency: Standards help in maintaining a consistent quality of output, as they define the expected levels of input material.

4. Performance Evaluation: With established standards, it becomes easier to evaluate employee performance and productivity relative to expected outputs.

Overall, the concept of a "standard" is pivotal in enhancing operational efficiency, ensuring quality, and facilitating continuous improvement in various operational processes.