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.
What is 'Financial Modeling'. Financial modelling is the process by which a firm constructs a financial representation of some, or all, aspects of the firm or given security. The model is usually characterized by performing calculations and makes recommendations based on that information.