What is the significance of this prize?

The Deming Application Prize is considered to be the highest award in the area of TQM. Total quality stands for not just quality of products and services, but also the processes and activities that are needed to achieve quality. In the world of quality awards, this prize is like a gold standard.
The prize was started in 1951 in memory of Edward Deming who was instrumental in teaching the concepts of quality to the Japanese. The Deming Application Prize tests the application of TQM within a company. The criteria include:

• Objectives and strategies of the company and whether they are challenging and customer-focused
• How TQM has been applied to achieve these objectives, and the thoroughness, consistency and depth of its application across the organisation
• The outstanding effects achieved as a result of the application of TQM