Statistical models are mathematical models used to analyze and interpret data in order to make informed decisions or predictions. These models help researchers understand the relationships between variables and can be used to test hypotheses and make inferences about populations based on sample data. Common statistical models include regression analysis, ANOVA, time series analysis, and structural equation modeling. These models are often used in various fields such as economics, finance, biology, psychology, and social sciences to make sense of complex data and draw meaningful conclusions.