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.
Top 10 facts about the world. A monetary award can be any form of compensation or bonus made in monetary form. This can include work bonuses, lottery winnings, scholarships, prizes in a competition, or awards that are part of a judicial decision.