David Bendel Hertz (c. 1919 – June 13, 2011) was an operations research practitioner and academic, known for various contributions to the discipline, and specifically, and more widely, for pioneering the use of Monte Carlo methods in finance. He developed innovative modeling approaches for the solution of complex management issues. His earliest publications added insights to the industrial process of research and development.
Operations research, or operational research (OR) in British usage, is a discipline that deals with the application of advanced analytical methods to help make better decisions. Further, the term operational analysis is used in the British military as an intrinsic part of capability development, management and assurance. In particular, operational analysis forms part of the Combined Operational Effectiveness and Investment Appraisals, which support British defense capability acquisition decision-making.
Monte Carlo methods are used in corporate finance and mathematical finance to value and analyze (complex) instruments, portfolios and investments by simulating the various sources of uncertainty affecting their value, and then determining the distribution of their value over the range of resultant outcomes. This is usually done by help of stochastic asset models. The advantage of Monte Carlo methods over other techniques increases as the dimensions of the problem increase.
He was a professor at the University of Miami: distinguished professor of artificial intelligence, director of the UM Intelligent Computer Systems Research Institute and a professor of management science and law.He served as TIMS President (1964), ORSA President (1974), and was a recipient of the Kimball Medal (1981). He was also a fellow of INFORMS (2002). Previously, he had been a practicing lawyer, and a partner at McKinsey and Company and at Arthur Andersen Company. He was also a professor at Columbia University. He served as a commander in the U.S. Navy during World War II. He was affectionately nicknamed "Cuz-Cuz" by his peers.
The University of Miami is a private, nonsectarian research university in Coral Gables, Florida, United States. As of 2018, the university enrolls 17,331 students in 12 separate colleges/schools, including the Leonard M. Miller School of Medicine in Miami's Health District, a law school on the main campus, and the Rosenstiel School of Marine and Atmospheric Science focused on the study of oceanography and atmospheric sciences on Virginia Key, with research facilities at the Richmond Facility in southern Miami-Dade County.
In computer science, artificial intelligence (AI), sometimes called machine intelligence, is intelligence demonstrated by machines, in contrast to the natural intelligence displayed by humans and other animals. Computer science defines AI research as the study of "intelligent agents": any device that perceives its environment and takes actions that maximize its chance of successfully achieving its goals. More specifically, Kaplan and Haenlein define AI as “a system’s ability to correctly interpret external data, to learn from such data, and to use those learnings to achieve specific goals and tasks through flexible adaptation”. Colloquially, the term "artificial intelligence" is used to describe machines that mimic "cognitive" functions that humans associate with other human minds, such as "learning" and "problem solving".
A lawyer or attorney is a person who practices law, as an advocate, attorney, attorney at law, barrister, barrister-at-law, bar-at-law, civil law notary, counsel, counselor, counsellor, counselor at law, solicitor, chartered legal executive, or public servant preparing, interpreting and applying law, but not as a paralegal or charter executive secretary. Working as a lawyer involves the practical application of abstract legal theories and knowledge to solve specific individualized problems, or to advance the interests of those who hire lawyers to perform legal services.
He is published and cited in various journals on technology, management and operations research, and has authored several textbooks. His most widely cited papers include Electronics in Management (Management Science, February 1965), Risk Analysis in Capital Investment ( Harvard Business Review , January/February 1964) and Investment Policies That Pay Off ( Harvard Business Review , January/February 1968).
Harvard Business Review (HBR) is a general management magazine published by Harvard Business Publishing, a wholly owned subsidiary of Harvard University. HBR is published six times a year and is headquartered in Brighton, Massachusetts.
He earned his BA (1939), BS (1940), and PhD (1949) at Columbia, as well as an MS from the U.S. Navy Postgraduate School (1944) and a JD from New York University Law School (1984).His PhD in Mathematics discussed "The Theory and Practice of Industrial Research".
A Bachelor of Arts is a bachelor's degree awarded for an undergraduate course or program in either the liberal arts, sciences, or both. Bachelor of Arts programs generally take three to four years depending on the country, institution, and specific specializations, majors, or minors. The word baccalaureus should not be confused with baccalaureatus, which refers to the one- to two-year postgraduate Bachelor of Arts with Honors degree in some countries.
A Bachelor of Science is an undergraduate academic degree awarded for completed courses that generally last three to five years, or a person holding such a degree.
A Master of Science is a master's degree in the field of science awarded by universities in many countries or a person holding such a degree. In contrast to the Master of Arts degree, the Master of Science degree is typically granted for studies in sciences, engineering and medicine and is usually for programs that are more focused on scientific and mathematical subjects; however, different universities have different conventions and may also offer the degree for fields typically considered within the humanities and social sciences. While it ultimately depends upon the specific program, earning a Master of Science degree typically includes writing a thesis.
George Bernard Dantzig was an American mathematical scientist who made contributions to industrial engineering, operations research, computer science, economics, and statistics.
The Fu Foundation School of Engineering and Applied Science is the engineering and applied science school of Columbia University. It was founded as the School of Mines in 1863 and then the School of Mines, Engineering and Chemistry before becoming the School of Engineering and Applied Science. On October 1, 1997, the school was renamed in honor of Chinese businessman Z.Y. Fu, who had donated $26 million to the school.
Ralph Edward Gomory is an American applied mathematician and executive. Gomory worked at IBM as a researcher and later as an executive. During that time, his research led to the creation of new areas of applied mathematics.
Robert Engel Machol was an American systems engineer and professor of systems at the Kellogg Graduate School of Management of Northwestern University. Machol wrote the earliest significant books directly related to systems engineering. He was also Chief Scientist for the Federal Aviation Administration, President of the Operations Research Society of America, and an encyclopedia editor.
David Gilbert Luenberger is a mathematical scientist known for his research and his textbooks, which center on mathematical optimization. He is a professor in the department of Management Science and Engineering at Stanford University.
George Elbert Kimball was an American professor of quantum chemistry, and a pioneer of operations research algorithms during World War II.
David M. Young Jr. was an American mathematician and computer scientist who was one of the pioneers in the field of modern numerical analysis/scientific computing.
John Michael Harrison is an American researcher, known for his contributions to the theory of operations research, in particular stochastic networks and financial engineering. He has authored two books and nearly 90 journal articles.
Gerald L. Thompson was the IBM Professor of Systems and Operations Research (Emeritus) in the Tepper School of Business of Carnegie Mellon University.
Ward Whitt is an American professor of operations research and management sciences. He is the Wai T. Chang Professor of Industrial Engineering and Operations Research at Columbia University. His research focuses on queueing theory, performance analysis, stochastic models of telecommunication systems, and numerical transform inversion. He is recognized for his contributions to the understanding and analyses of complex queues and queuing networks, which led to advances in the telecommunications system. As of November 2, 2015, his publications have been cited over 25,000 times, and he has an h-index of 82.
Alexander (Lex) Schrijver is a Dutch mathematician and computer scientist, a professor of discrete mathematics and optimization at the University of Amsterdam and a fellow at the Centrum Wiskunde & Informatica in Amsterdam. Since 1993 he has been co-editor in chief of the journal Combinatorica.
Egon Balas was an applied mathematician and a professor of industrial administration and applied mathematics at Carnegie Mellon University. He was the Thomas Lord Professor of Operations Research at Carnegie Mellon's Tepper School of Business and did fundamental work in developing integer and disjunctive programming.
William Wager Cooper was an American operations researcher, known as a father of management science and as "Mr. Linear Programming". He was the founding president of The Institute of Management Sciences, founding editor-in-chief of Auditing: A Journal of Practice and Theory, a founding faculty member of the Graduate School of Industrial Administration at the Carnegie Institute of Technology, founding dean of the School of Urban and Public Affairs at CMU, the former Arthur Lowes Dickinson Professor of Accounting at Harvard University, and the Foster Parker Professor Emeritus of Management, Finance and Accounting at the University of Texas at Austin.
William John Cook is an American operations researcher and mathematician, and Professor of Applied Mathematics and Statistics at Johns Hopkins University, where he joined the faculty in 2018. He is a member of the National Academy of Engineering. He is known for his work on the traveling salesman problem and is one of the authors of the Concorde TSP Solver.
Stephen P. Boyd is an American professor and control theorist. He is the Fortinet Founders Chair in the Department of Electrical Engineering, Samsung Professor of Engineering, and professor by courtesy in Computer Science and Management Science & Engineering at Stanford University. He is also affiliated with Stanford's Institute for Computational and Mathematical Engineering (ICME).
Gérard Pierre Cornuéjols is the IBM University Professor of Operations Research in the Carnegie Mellon University Tepper School of Business. His research interests include facility location, integer programming, balanced matrices, and perfect graphs.
Özalp Özer Ph.D. is an American business professor specializing in pricing science and operations research. He is the Ashbel Smith Professor of Management Science at the Naveen Jindal School of Management and also currently serves as an affiliated faculty at the MIT Sloan School of Management.
Steven Nahmias is an author and professor of operations management at Santa Clara University. He is best known for his contributions to inventory theory, and, in particular, perishable inventory theory. He is also the author of Production and Operations Analysis, a preeminent text in the field. He is currently a Honorary Fellow of INFORMS and MSOM.
Jorge Nocedal is an applied mathematician and computer scientist, and the Walter P. Murphy professor in the Industrial Engineering and Management Sciences department in the McCormick School of Engineering at Northwestern University in Evanston, Illinois.