Erect means build or upright. If you erect a house, you build it. If you stand erect, you hold your body as tall as possible.
A mathematical model is a description of a system using mathematical concepts and language.The process of building 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 (e.g. computer science, artificial intelligence). mathematical model is a description of a system using mathematical concepts and language.
From Wikipedia, the free encyclopedia. Financial modeling is the task of building an abstract representation (a model) of a real world financial situation. This is a mathematical model designed to represent (a simplified version of) the performance of a financial asset or portfolio of a business, project, or any other investment.