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Home > QFINANCE Dictionary > Definition of best practice

Definition of

best practice

General Management

most effective way of doing something the most effective and efficient method of achieving any objective or task. What constitutes best practice can be determined through a process of benchmarking. An organization can move toward achieving best practice, either across the whole organization or in a specific area, through continuous improvement. In production-based organizations, world class manufacturing is a related concept. More generally, a market or sector leader may be described as best-in-class.

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Definitions of ’best practice’ and meaning of ’best practice’ are from the book publication, QFINANCE – The Ultimate Resource, © 2009 Bloomsbury Information Ltd. Find definitions for ’best practice’ and other financial terms with our online QFINANCE Financial Dictionary.

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