This is kind of a nebulous topic.
The 'medals' appear to be randomly generated with variables set by how much 'action' you saw or how much damage you recieved or how much tonnage you sank. Etc.
Likewise with promotions.
The medals are really just for 'immersion' I try to give the 'wounded' medals to whom were injured. I give the other 'fluff' medals in order of descending rank highest first then on down. Other than that the medals do nothing.
Promotions enhance a particular crew members stats a bit (fanatisim, endurance, etc.) in other words they can stay awake a bit longer and focus a bit better on their task.
The real 'key' thing is the qualifications such as 'torpedoman' or 'engines' these 'upgrades' have the biggest impact on your crews performance as indicated by the little green bar at the left of the 'comparment' screens. 4 qualified torpedoe men will load a torpedo much faster than those who are not 'qualified'. Qualified 'engine' guys will eek out a bit more speed and battery life.
Hope this helps.
SW
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