Sentence:  On the other hand , even when the binomial model does not describe well the physical phenomenon being <WSD>studied</WSD> , the binomial model may still be used as a baseline for comparative purposes ; that is , we may discuss the phenomenon in terms of its departures from the binomial model . 
Meaning of the word marked with <WSD> tags:  consider in detail and subject to an analysis in order to discover essential features or meaning