For engineering calculations, we always use the "nominal" HP, Watts, Amps, etc. Of course they are all interdependent, but for power system designs, what we really want to know is "How bad can it be?".
If the design task is choosing a motor, you can't count on being able to get more than nominal HP to the shaft unless you are using a VFD. An even then, there is risk of overheating the motor. It's best to pick a motor with a higher nominal HP than required by the driven machinery. The motor doesn't produce constant HP. It delivers just enough to drive the machine, until you meet its nameplate rating. Above that, slip increases and torque decreases until it stalls.