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 for English Language Learners. : 1  of or relating to money. : 2  of or relating to the money in a country's economy.
Compensation given as part of an injury lawsuit is an example of a monetary award. Lottery winnings are a form of monetary award. A sales team that performs above their company's expectations may be eligible to receive a bonus. Businesses sometimes offer a monetary award as a means of motivating employees.