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The Society awards a number of prizes and awards annually to recognise outstanding achievements in the field of Operations Research.

The Tom Rozwadowski medal is the Society's premier award and has been awarded on an almost annual basis since 1971. The medal is awarded for the best written contribution to Operations Research published by a member of the Society during the previous year. The nominating committee invites nominations or submissions for consideration for this award. 

The Executive Committee may also invite long-standing full members of the Society to become Fellows of the Society. These would include individuals who have served the Society in an exemplary manner for a considerable period of time, or who have served the science and profession of Operations Research over a considerable period of time. 

The Society also makes recognition awards to individuals who have served the profession of Operations Research in an exemplary fashion. A recognition award is a prestigious distinction and is reserved only for outstanding achievements and/or contributions typically over a long period of time. 

The Society also hosts two student competitions on an annual basis. Tertiary institutions may nominate candidates, based on a written Operations Research project of Honours or Masters (or similar) level. These projects are evaluated by a panel of experts, and then a cash prize is awarded to the winner at the annual conference each year. Nominations usually close around June. 

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