Thursday, February 4, 2010

So what IS Best Practice?

Within the Global Investment Performance Standards (GIPS(R)), recommendations are to be considered "best practice." But what exactly IS "best practice?" I did a quick Google search and found some interesting definitions:
The GIPS standards glossary has many terms defined, but "best practice" isn't among them.This wouldn't be an easy undertaking but is, I think, a desirable one. I'd argue that the best practice would be to include "best practice" in the glossary, if it's going to be used! Clearly others agree, thus the plethora of alternative definitions.

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