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High Quality Content by WIKIPEDIA articles! A statistical model is a formalization of relationships between variables in the form of mathematical equations. A statistical model describes how one or more random variables are related to one or more random variables. The model is statistical as the variables are not deterministically but stochastically related. In mathematical terms, a statistical model is frequently thought of as a pair where is the set of possible observations and the set of possible probability distributions on . It is assumed that there is a distinct element of which generates the observed data. Statistical inference enables us to make statements about which element(s) of this set are likely to be the true one. Statistical Model by Jesse Russell