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”