What is Mathematical Model?

Legal Definition
A mathematical model is a description of a system using mathematical concepts and language. The process of developing a mathematical model is termed mathematical modeling. Mathematical models are used in the natural sciences (such as physics, biology, earth science, meteorology) and engineering disciplines (such as computer science, artificial intelligence), as well as in the social sciences (such as economics, psychology, sociology, political science). Physicists, engineers, statisticians, operations research analysts, and economists use mathematical models most extensively. A model may help to explain a system and to study the effects of different components, and to make predictions about behaviour.
-- Wikipedia
Legal Definition
Forecasting future behavior method of simulated real-life situations with mathematical equations as this type of mathematical modeling. Decision-theory, queuing theory, and linear programming are typical tools. Large amounts of number crunching are a part of this endeavor. Also known as computational model.