The Baldrige Award was established to promote the awareness of performance excellence as an important element in competitiveness. Therefore, development and continuity of Baldrige Performance Excellence Program (BPEP) will help to enhance competitiveness of U.S. businesses.
A recent study by the National Institute of Standards and Technology (NIST) indicated that for every $1 spent to implement the programme the economy will get $820 in form of social value. Which means that the benefit of Baldrige Performance Excellence Program is not limited to award applicants. The society gets benefit from Baldrige in other forms such as better customer satisfaction with higher-quality products, and economy resources saved by using the Baldrige Criteria.
For additional information about funding approval, read the complete announcement.