Place potato and carrot in small saucepan. Cover with water. Bring to boil. Reduce heat; cover and simmer for 8-10 minutes or until vegetables are tender. Drain and set aside.
In large skillet, melt butter. Stir in flour until smooth. Gradually whisk in milk. Add bouillon and pepper. Bring to boil; cook and stir for 2 minutes or until thickened. Stir in chicken, peas and potato mixture and heat through. Server over biscuits. Makes 2 servings.