Hello @kamalwolly
Indeed you have to specify the COM port associated with the board.

Let's have a look at the image above.
1 and 2 is the 12V power supply, in order to supply the board, you have to plug in a 12V jack and to turn the button until those 3 leds are lighting.
3 is the USB2Serial converter. You have to connect the USB port to be able to communicate with the board. In both PIL and External mode, you need this cable for the communication between MATLAB's host PC and the board.
4 is the internal debugger. You have to connect this cable to be able to flash the board.
Now, in your case, once you have connected cable 3, go to device manager, and see which ports have appeared. In my case, are the COMs 44 and 45. They are 2 because the board has a dual USB2Serial, thus 2 channels, and the LPUART13 of the MCU is connected to the FTDI's channel B. In most of cases, the channel B is connected to the COM with the higher number.

Not that we know the port, in my case is COM45 but it will be different on your side, go to Hardware Settings in Simulink, select External Mode and under Serial port type the new COM port, in my case COM45.

Hope this helps,
Marius