Statistical models are mathematical representations used to analyze and interpret data. They help researchers understand relationships between variables and make predictions based on observed patterns. Common types of statistical models include linear regression, logistic regression, and time series analysis, each serving different purposes depending on the data and research questions. These models rely on assumptions about the data, such as normality and independence, to produce reliable results. By applying statistical techniques, analysts can draw conclusions, test hypotheses, and inform decision-making in various fields, including economics, healthcare, and social sciences.