The Prize is awarded for a body of work, rather than a single piece. The Prize was intended to reflect contributions that have stood the test of time. The criteria include significance, innovation, depth, and scientific excellence.
The award is $5,000, a medallion and a citation.
The Prize has been awarded since 1975, the first recipient was George B. Dantzig for his work on linear programming. The recipient in 2001 was Ward Whitt for his contributions to queueing theory, applied probability[?] and stochastic modelling[?].
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