Paul Glasserman, the Jack R. Anderson Professor of Business in the Decision, Risk and Operations Division, was awarded the 2006 Lanchester Prize by the Institute for Operations Research and the Management Sciences (INFORMS). The annual award recognizes the best contribution published in English to operations research and the management sciences. Glasserman was honored for Monte Carlo Methods in Financial Engineering (Springer, 2004), which also received the Outstanding Simulation Publication Award from INFORMS in 2005. The prize committee praised the book for its lucid explanations of difficult concepts, its unique inclusion of state-of-the-art methodology and its combination of deep theoretical analysis and real-world applications. In less than three years, it has become the definitive reference on Monte Carlo methods in financial engineering for both researchers and practitioners. Glasserman, who is also a senior vice dean, has taught at the School since 1991. His research and teaching address risk management, the pricing of derivative securities, Monte Carlo simulation, statistics and operations. Established in 1995 after the merger of the Operations Research Society of America and the Institute of Management Sciences, INFORMS is the largest professional society in the world for the field of operations research.