WordPress Architecture as a CMS – Posts & Pages

How can I associate posts with pages?

Trying to determine the best architecture / strategy to achieve the following…

Using WordPress as a CMS
8 Pages each with sub pages
Each page can also have posts

I can set up 8 categories where each category matches a page and then list the posts in that category under the page but that seems clunky. Is there a better way?

Example:
Awards Page
has sub page Annual Awards
has sub page Monthly Awards
has post March 2012 Awards which should be displayed on Awards Page & Monthly Awards Page

Thanks in advance.