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Package electrical modeling is very critical for evaluating system level performance in high speed system design. The properties of the model, for example, the valid frequency range, the accuracy of the model and the complexity of the model, directly affect the simulation results and simulation time. The model should capture enough package electrical behavior to enable accurate signal and power integrity analysis and guide design improvements. This paper presents a thorough review of the challenges in package modeling related with both signal and power integrity. Feasible solutions are presented with practical package modeling examples.