I. Crucial Reasons for Knowing about Domain Knowledge and Being Familiar with Industry Datasets:

1. Problem Understanding:

• Why it matters: Understanding the domain allows data scientists to comprehend the real-world problems they are trying to solve.
• Impact: It helps in formulating relevant and meaningful questions, ensuring that the analysis aligns with the industry’s goals and challenges.

2. Feature Engineering:

• Why it matters: Feature engineering involves selecting and transforming variables for model input. Domain knowledge helps identify relevant features.
• Impact: It contributes to the creation of more informative and meaningful features, improving the model’s predictive performance.

3. Model Interpretation:

• Why it matters: Interpreting complex models is challenging without domain knowledge.
• Impact: Understanding the domain aids in explaining model predictions to stakeholders and ensures that the model aligns with the business context.

4. Data Cleaning and…