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Standard. A "standard" is a formula, rule, or principle (or set thereof) that guides the Systems Engineer (or Designer) to "properly" solve an engineering problem.
Specification. A "specification" is a calculated or measured value (or range thereof) for a parameter (or a suitable solution to a problem), as found by means of obeying a Standard.
Standards are used to define suitable Specifications.
Specifications used to configure equipment or to verify system performance.