Management Awards
One indicator of the growing recognition of management as a field of great importance has been the proliferation in the late twentieth century of prizes that various governments award their most outstanding organizations. Such official recognition of management practice, quality, and contribution to business reflects the belief at the highest levels that good management practice can be learned and nurtured through promoting awareness of best practices and innovative techniques.
The Five Major Awards
The five most prestigious management awards are Japan's Deming Prizes, the United States' Malcolm Baldrige National Award, the European Quality Awards, the Canada Awards for Excellence, and the AKAO Prize.
The first widely esteemed management award, Japan's Deming Prize, was only established in 1950. For nearly three decades, the Deming Prize stood essentially alone as a major prize for business management practice.
With the enormous success of Japanese industry in the late twentieth century, interest in Japanese business practices grew, including Japan's recognition of business successes. By the 1980s, Japan's successes in competing worldwide were admired worldwide and Japanese business began to find emulators. Subsequently, the United States and Europe set up their own equivalents to the Deming Prize to honor their own businesses.
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