Generalized phenomenological models of dark energy

It was first observed at the end of the last century that the universe is presently accelerating. Ever since, there have been several attempts to explain this observation theoretically. There are two possible approaches. The more conventional one is to modify the matter part of the Einstein Field Equations and the second one is to modify the geometry part. We shall consider two phenomenological models based on the former, more conventional approach within the context of General Relativity. The phenomenological models in this paper consider a $\Lambda$ term as a function of $\frac{\ddot{a}}{a}$ and $\rho$ where $a$ and $\rho$ are the scale factor and matter-energy density respectively. Constraining the free parameters of the models with latest observational data gives satisfactory values of parameters as considered by us initially. Without any field-theoretic interpretation, we explain the recent observations with a dynamical cosmological constant.