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.
A business may also offer a monetary award for a short-term goal, such as to the department that best improves efficiency or has the lowest number of sick days. Monetary awards in business may be given as a one-time payment or in regular intervals. Ad. Winning a scholarship often takes the form of a monetary reward.