Significance of the Nobel prize

Significance of the Nobel prize 
The Nobel prizes are widely regarded as the most prestigious awards given in the intellectual realm for exceptional contributions in certain selected fields.These coveted prizes coveted prizes are annually awarded by the swedish and Norwegian institution.
The foundations for the Nobel prizes were laid in 1895,When Swedish inventor and industrialist Alfred Nobel Wrote his wealth to the establishment of the Nobel prize.
alfred Nobel instructed that most of his fortune be set aside as a fund for the awarding of five annual prizes.

How are the Nobel prize Winners selected from each field
The Nobel prize winner has announced annually either in October or November.The selection process begins in the previous year.Each year thousands of universities and national representatives are asked to submit nominations for the Nobel prizes for the coming year. self -nomination automatically disqualifies the nominee.Prize proposals must be submitted to Nobel committees on or before 31st January of the award year. after that, the six Nobel committees one for each category, start their work on the nominations received.During September, the committees submit their recommendations.
The final decision on the prizes are usually made by 15th November

category of Nobel prize
any of six international prizes awarded annually for outstanding work in physics, chemistry, physiology or medicine, literature, economics (since 1969), and the promotion of peace. The Nobel Prizes, first awarded in 1901, were established by the will of Alfred Nobel and are traditionally awarded on December 10, the anniversary of his death. The awards are decided by boards of deputies appointed by Swedish learned societies and, in the case of the peace prize, by the Norwegian Parliament.