A mathematical model is a description of a real-world phenomenon or fact using mathematical concepts and language. There are several steps to developing a mathematical model, beginning with a mental model and progressing to a graphic, verbal, and fully mathematical model. Common types of mathematical models include linear models, polynomial models, and differential equations used to model physical systems. Key components of a mathematical model include dependent and independent variables as well as parameters. Models can be used to simulate real-world systems and processes.