The Cox model works by estimating the hazard ratio for different predictor variables while adjusting for other variables in the model. The hazard ratio is a measure of how much the risk of the event increases (or decreases) with a one-unit change in the predictor variable. For example, in a study examining the impact of different factors on the survival of patients with heart failure, variables such as age, gender, and comorbidities can be included in the Cox model. The model will then estimate the hazard ratios for these variables to determine their effect on survival time.