By definition, statistics is a science that deals with the collection, classification, analysis, and interpretation of data. The field is often supported by the usage of probabilistic math theory and is used to assess specific hypotheses.

The definition cannot sound more technical than it is already, and it seems business doesn’t have any to do with it. Moreover, why Data scientists need to know both of these things?

Well, statistics is more than just an advanced math class. It is the way to go for every business to get an edge from their competition. I would argue that a lot of great business leaders have made a business decision not only coming from their gut feeling but also supported by the statistic.

Any data scientist project is a data project to solve any problem the companies have. It doesn’t matter if your advance deep learning model having a 99% precision and could guess every person that passes the room; if it does not solve the business problems, it is useless.

The problem is, how exactly statistic is essential to the business and why we, as Data scientists need to understand both sides of the statistic and business? This is the question you might wonder. Well, let me explain to you a little bit more regarding business and statistics for Data Scientist.

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