Processes in Microsoft 365 for setting up Office apps, redeeming product keys, and activating licenses.
If you are unable to upgrade your version of Mac OS the last version of Office that will work on MacOS Monterrey is 16.88, that is available on the table on this link to all the downloadable versions from the Microsoft servers.
https://learn.microsoft.com/en-us/officeupdates/update-history-office-for-mac