Best practices are used to maintain quality as an alternative to mandatory legislated standards and can be based on self-assessment or benchmarking. Best practice is a feature of accredited management standards such as ISO 9000 and ISO 14001.
Definition of monetary. : of or relating to money or to the mechanisms by which it is supplied to and circulates in the economy a crime committed for monetary gain a government's monetary policy.
Anything that is generally accepted as a standard of value and a measure of wealth in a particular country or region. Classified under: Nouns denoting possession and transfer of possession. Synonyms: medium of exchange; monetary system.