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.
Of or relating to public revenues (taxation), public spending, debt, and finance. In comparison, the term 'monetary' relates to money and how it is supplied to, and circulates in, an economy. The decision to lay off several hundred workers during the recession made fiscal sense, but the community was still upset with the decision.