The most accurate models of the capillary Z-pinches used for excitation of soft X-ray lasers and photolithography XUV sources currently are based on the magnetohydrodynamics theory (MHD). The output of MHD-based models greatly depends on details in the mathematical description, such as initial and boundary conditions, approximations of plasma parameters, etc. Small experimental groups who develop soft X-ray/XUV sources often use the simplest Z-pinch models for analysis of their experimental results, despite of these models are inconsistent with the MHD equations. In the present study, keeping only the essential terms in the MHD equations, we obtained a simplified MHD model of cylindrically symmetric capillary Z-pinch. The model gives accurate results compared to experiments with argon plasmas, and provides simple analysis of temporal evolution of main plasma parameters. The results clarify the influence of viscosity, heat flux and approximations of plasma conductivity on the dynamics of capillary Z-pinch plasmas. The model can be useful for researchers, especially experimentalists, who develop the soft X-ray/XUV sources.