Model

Definition:

In the context of Analytics, a model is a system of postulates, data, and inferences presented as a mathematical description of an entity or state of affairs.

In more general contexts, a model is an executable representation of an idea or theory.

Commentary:

In advanced analytics a model often refers to a statistical model. A statistical model is a mathematical model that embodies a set of statistical assumptions concerning the generation of sample data (and similar data from a larger population). A statistical model represents, often in considerably idealized form, the data-generating process.

A statistical model is usually specified as a mathematical relationship between one or more random variables and other non-random variables. As such, a statistical model is “a formal representation of a theory”

In machine learning, a model is an abstraction that can perform a prediction, (re-)action or transformation to or in respect of an instance of input values.

In the context of construct versus model: the construct is used by an organization to inform the design of a customized model for execution. The customization takes into account the size, complexity, geography, and culture of the organization.