Myth #5: Data Science Requires a Deep Understanding of Statistics and Statistical Methods While it’s true that Data Science requires an understanding of statistics, businesses can take advantage of Data Science without having a statistician on staff..Most developers have a basic understanding of statistics because they took at least one course in college..If you’re a developer who has been tasked with building Data Science capabilities in your organization, or you want to start building the capability yourself, it’s wise to refresh or augment your knowledge of statistics so that you can understand the fundamentals commonly used to develop models..You do not have to take a formal course..You do not have to pursue a graduate degree..The e-books and other resources referenced at the end of this white paper will help you understand the basics..Armed with that knowledge, you’ll be able to build models that are meaningful to your organization..If you want to modify the model later, you may need to learn a little bit more so you can understand how particular assumptions affect what you’re doing..Myth #6: Regulated Companies Can’t Take Advantage of Data Science Regulated companies have to be careful about the information they use and how they use it..However, those limitations do not mean regulated companies cannot take advantage of Data Science or build models..For example, hospitals are using Data Science to improve patient care, emergency triage, and cost control..Similarly, companies in other regulated industries such as financial services, oil and gas, and pharmaceuticals are also benefitting from Data Science without using information that is prohibited by law.. More details