Symbolic Models are called mathematical models.

Example: An ice cream company keeps track of how many ice creams get sold on different days. By comparing this to the weather on each day they can make a mathematical model of sales versus weather. They can then predict future sales based on the weather forecast, and decide how many ice creams they need to make …

Mathematical modeling is the art of translating problems from an application area into tractable mathematical formulations whose theoretical and numerical analysis provides insight, answers, and guidance useful for the originating application.

A mathematical model usually describes a system by a set of variables and a set of equations that establish relationships between the variables. The actual model is the set of functions that describe the relations between the different variables.

The mathematical models not only help us to understand the system, but also are instrumental to yield insight into the complex processes involved in biological systems by extracting the essential meaning of the hypotheses (Wimsatt, 1987; Bedau, 1999; Schank, 2008) and allows to study the effects of changes in its …

Mathematical models are used particularly in the natural sciences and engineering disciplines (such as physics, biology, and electrical engineering) but also in the social sciences (such as economics, sociology and political science); physicists, engineers, computer scientists, and economists use mathematical models …

Abstract. Mathematical models are routinely used in the physical and engineering sciences to help understand complex systems and optimize industrial processes.

This allows designers to discover aspects of the product, eg the most economical way of cutting a material or how stresses and loads will perform on it, without costly physical modelling. Ideas can also be shared quickly around the world using the internet.

The earliest record of model building dates back to 1873 and deals with a plaster model of Steiner’s Roman surface built by German mathematician Ernst Kummer. Many mathematicians took interest in model building.

Mathematical models can be used in analyzing financial statements of a company to estimate its financial standing in comparison with its peers or industry in general.