David Bendel Hertz (c. 1919 – June 13, 2011) was an

operations research Operations research ( en-GB, operational research) (U.S. Air Force Specialty Code: Operations Analysis), often shortened to the initialism OR, is a discipline that deals with the development and application of analytical methods to improve decis ...

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 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 dis ...

. 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. He was a professor at the

University of Miami The University of Miami (UM, UMiami, Miami, U of M, and The U) is a private research university in Coral Gables, Florida. , the university enrolled 19,096 students in 12 colleges and schools across nearly 350 academic majors and programs, i ...

, where he was distinguished professor of

artificial intelligence Artificial intelligence (AI) is intelligence—perceiving, synthesizing, and inferring information—demonstrated by machines, as opposed to intelligence displayed by animals and humans. Example tasks in which this is done include speech r ...

, director of the University of Miami 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

George E. Kimball Medal George Elbert Kimball (July 12, 1906 – December 6, 1967) was an American professor of quantum chemistry, and a pioneer of operations research algorithms during World War II. Early life George E. Kimball was born to Arthur G. Kimball in Chic ...

(1981). He was also a fellow of

INFORMS The Institute for Operations Research and the Management Sciences (INFORMS) is an international society for practitioners in the fields of operations research (O.R.), management science, and analytics. It was established in 1995 with the merger o ...

(2002). Previously, he had been a practicing lawyer, and a partner at

McKinsey and Company McKinsey & Company is a global management consulting firm founded in 1926 by University of Chicago professor James O. McKinsey, that offers professional services to corporations, governments, and other organizations. McKinsey is the oldest and ...

and at

Arthur Andersen Arthur Andersen was an American accounting firm based in Chicago that provided auditing, tax advising, consulting and other professional services to large corporations. By 2001, it had become one of the world's largest multinational corporat ...

Company. He was also a professor at

Columbia University Columbia University (also known as Columbia, and officially as Columbia University in the City of New York) is a private research university in New York City. Established in 1754 as King's College on the grounds of Trinity Church in Manhatt ...

. He served as a commander in the

U.S. Navy The United States Navy (USN) is the maritime service branch of the United States Armed Forces and one of the eight uniformed services of the United States. It is the largest and most powerful navy in the world, with the estimated tonnage o ...

during World War II. He was affectionately nicknamed "Cuz-Cuz" by his peers. He is published and cited in various journals on technology, management and operations research, and has authored several textbooks. His most widely cited papers includ

Electronics in Management
' (''Management Science'', February 1965),
Risk Analysis in Capital Investment
' (''

Harvard Business Review ''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, Ma ...

'', January/February 1964) and
Investment Policies That Pay Off
' (''

'', January/February 1968). 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 New York University School of Law (NYU Law) is the law school of New York University, a private research university in New York City. Established in 1835, it is the oldest law school in New York City and the oldest surviving law school in New ...

(1984). His PhD in Mathematics addressed "The Theory and Practice of Industrial Research".

References

External links

Profile: informs.orgBiography of David B. Hertz
from the Institute for Operations Research and the Management Sciences 20th-century American mathematicians Financial economists American operations researchers Monte Carlo methodologists Corporate finance theorists New York University School of Law alumni Naval Postgraduate School alumni University of Miami faculty Columbia University faculty 2011 deaths Year of birth uncertain Fellows of the Institute for Operations Research and the Management Sciences 21st-century American mathematicians {{US-mathematician-stub Columbia College (New York) alumni Columbia School of Engineering and Applied Science alumni McKinsey & Company people