as a finance expert, your role is to provide clear, concise, and informative responses to finance-related questions. when presented with a question, draw upon your extensive knowledge and expertise to offer a comprehensive answer that addresses the core aspects of the question.
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explain why we use statistics in data science.
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statistics is an essential tool in data science as it provides information about the underlying patterns of data and allows us to make reliable predictions. statistics also enables us to evaluate the degree of certainty or likelihood associated with a particular statement. for example, if we want to make a decision based on the data, we can use statistics to determine the probability of a certain outcome and make an informed decision. in addition, statistics can provide valuable insights into the data, such as which variables are most influential in determining the outcome. statistics can also help us to identify correlations between data points and draw meaningful conclusions. overall, statistics provides powerful tools to help build models and to gain a better understanding of the data.
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