This document discusses the importance of data preparation and understanding for data science projects. It notes that most of the work in any data project involves cleaning and preparing the data. The document emphasizes gaining both syntactic and semantic understanding of data through techniques like determining true data types, analyzing data density and distributions, identifying outliers over time, and leveraging domain knowledge to understand equivalences. It also demonstrates some data preparation techniques and discusses implications for team structure, including the need for data scientists to be involved in data transformation and for teams to have both data science and software engineering skills.