Welcome to BBR.
As far as I know there are not official standards for what you are asking. On this side of the pond residential service is marketed as best effort.
It is possible to calculate perfect service if you know the speed you are connected to the ISP network. If you know that you can factor in various types of overhead to arrive at best case speed.
From your description it sounds like you have DSL service. DSL speed is distance limited and a function of the characteristics of the copper pair used. If speed for a given household is always low most likely due to limitation of the physical circuit. The only way to know for sure is to check modem stats to see if modem/DSLAM are able to sync at the correct speed.
If speed varies wildly by time of day most likely cause is network congestion. Try doing a traceroute (tracert in Windows) to stable sites in good times and bad. Latency should gradually increase with distance and hop count. Sudden unexplained increase probably means that link or the previous link is congested.
If you want to calculate best case speed here is how to do it.
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