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Data Science, Statistical Modeling, and Financial and ...

data Science, Statistical Modeling, and Financial and Health Care ReformsTze Leung LaiDepartment of Statistics, Stanford UniversityStanford, CA 94305-4065, USAA bstractThis paper discusses some new trends in the field of Statistics, in response to technologicalinnovations leading to big data as well as opportunities and challenges in the wake of healthcare and Financial reform IntroductionThe past decade witnessed exciting developments and new trends in Statistical modeling and itsapplications. These trends are related to the explosion of digital data , as pointed out in thearticle For Today s Graduate, Just One Word: Statistics ofThe New York Times(August 6,2009): In field after field, computing and the Web are creating new realms of data to explore sensor signals, surveillance tapes, social network chatter, public records and more. Andthe digital data surge only promises to accelerate, rising five-fold by 2012, according to aprojection by IDC, a research firm.

Data science, therefore, includes high performance computing, data processing, development and management of databases, data warehousing, mathematical representations, statistical model- ing and analysis, and visualization with the goal of extracting information from the data collected

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