See also Computing
A wide variety of empirical methods are popular, such as
However, they do the same thing: they pick free parameters of the model to make it fit best, which usually means to minimize model fitting errors; and they evaluate the model by examining how big those errors are.
Machine Learning deals with Data mining, Pattern recognition, Learning (supervised, unsupervised, reinforcement)
See the full document at Machine Learning
In economics, a model is a theoretical construct representing economic processes by a set of variables and a set of logical and/or quantitative relationships between them (parameters and endogenous/exogenous variables). The economic model is a simplified framework designed to illustrate complex processes, often using mathematical techniques.
Accounting models, which are built around financial statements