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Do you feel as though most of the new programs that are created to make data scientists lack a lot of the theory and focus too much on practical applications?

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Unfortunately yes. A lot of people who call themselves datascientist after completing these courses dont understand the basics of probability and statistics. A datascientist should know the working of machine learning algorithms and not simply use it blindly.
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Yes, Deepthi... Must focus on Statistics & Probility..
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