David B. Hertz

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David Bendel Hertz (c. 1919 June 13, 2011) [1] was an operations research practitioner and academic, known for various contributions to the discipline, and specifically, and more widely, [2] 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. [3]

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. [4] 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). [3] 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. [1] He was affectionately nicknamed "Cuz-Cuz" by his peers.

University of Miami private university in Coral Gables, Florida, United States

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".

Lawyer legal professional who helps clients and represents them in a court of law

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).

<i>Harvard Business Review</i> journal

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). [5] His PhD in Mathematics discussed "The Theory and Practice of Industrial Research". [6]

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.

Master of Science masters degree awarded for post-graduate study in the sciences, or occasionally social sciences

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.

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References

  1. 1 2 "DAVID BENDEL HERTZ Obituary: View DAVID HERTZ's Obituary by The Miami Herald". Legacy.com. 2011-06-13. Retrieved 2012-01-11.
  2. Aswath Damodaran: Probabilistic Approaches: Scenario Analysis, Decision Trees and Simulations
  3. 1 2 "David B. Hertz / Miser-Harris Presidential Portrait Gallery / History and Traditions / About INFORMS / IOL Home". INFORMS.org. 2011-06-13. Retrieved 2012-01-11.
  4. "Class Notes". Bus.miami.edu. Retrieved 2012-01-11.
  5. Baker, E. and Plant, R.T., "A Profile of David Bendel Hertz". in Profiles in Operations Research, Arjang A. Assad and Saul I. Gass, editors. International Series in Operations Research and Management. Springer Publishing, (pp. 403-413) 2011
  6. David B. Hertz at the Mathematics Genealogy Project