What is a "model"?

My goal is to set up Mycroft for use on my desktop computer so that I can just experiment with it and hopefully learn enough to add to it.
I’m trying to get Precise started and it’s asking for a “model_name”.
Is that something I need to install or build, please?

In AI you have to teach it what is, and what is not, a model represents the binary data of this training.

So yes, you to pass a model. Luckily though you can use a pre-trained model or train your own.
have a look at these notes

You appear to be setting up precise and not mycroft itself?