It's Friday morning in the first full week of October. The eyes of the world are turned to Oslo and the Norwegian Nobel Institute. The Nobel Peace Prize laureate for the year is about to be announced.

When the doors of the Nobel Institute’s Grand Hall are pushed open and the chairman of the Nobel Committee enters the room, the attending press – and countless followers on TV and social media - hold their breath. In just a few seconds, this year’s recipient of the world’s most prestigious award will be announced.

There is no strict rule governing when the Norwegian Nobel Committee shall announce the name of the year's Peace Prize Laureate. However, the established custom is to make the announcement at 11 a.m. on Friday of the first full week of October. According to the Nobel Foundation statutes the recipient of the Peace Prize must be announced no later than 15 November.