What is a standard? Why are standards important? Merriam-Webster dictionary defines standard as:
1) “a conspicuous object (as a banner) formerly carried at the top of a pole and used to mark a rallying point especially in battle or to serve as an emblem”
2) “something established by authority, custom, or general consent as a model or example”
3) “something set up and established by authority as a rule for the measure of quantity, weight, extent, value, or quality”
4) “the fineness and legally fixed weight of the metal used in coins”
5) “the basis of value in a monetary system”
6) “a structure built for or serving as a base or
support”