1. A method of forming a statistical model for a set of independently variable parameters for timing analysis of a circuit design, the method comprising the steps of: establishing a timing model including delay and delay changes due to process parameter variations (Pi) that impact timing; selecting an element of the circuit design that dominates circuit delay in the timing model; determining a delay sensitivity of each of a set of derived process parameters (Vj) for the element that are linear combinations of the process parameter variations (Pi); and selecting only those derived process parameters with a high sensitivity for use in the statistical model.