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.
Noun. 1. monetary value-the property of having material worth (often indicated by the amount of money something would bring if sold); the fluctuating monetary value of gold and silver; he puts a high price on his services; he couldn't calculate the cost of the collection.price, cost.oun. 1. monetary value-the property of having material worth (often indicated by the amount of money something would bring if sold); the fluctuating monetary value of gold and silver; he puts a high price on his services; he couldn't calculate the cost of the collection.