1. A method of predicting a user activity level associated with an application executing on a computing system in a multi-user computing environment, comprising: defining a user activity metric (UAM) as a variable, said UAM capable of being assigned a plurality of activity levels, wherein each activity level of said plurality of activity levels is a measured number of transactions performed by a plurality of users utilizing said application during a time period of a plurality of time periods, or a measured number of said users utilizing said application during said time period; defining a plurality of factors associated with said plurality of activity levels, said plurality of factors including a calendar type factor, said calendar type factor capable of being assigned a plurality of values of a cyclic time scale, wherein each value of said plurality of values represents an amount of time elapsed from a specified event; assigning said plurality of activity levels to said UAM; assigning said plurality of values to said calendar type factor of said plurality of factors, said plurality of values associated with said plurality of activity levels in a one-to-one correspondence, and with said plurality of time periods in a one-to-one correspondence; adjusting, subsequent to said assigning said plurality of values to said calendar type factor, said plurality of values to a plurality of adjusted values, said plurality of adjusted values including a pre-defined base value and one or more other adjusted values, wherein an adjusted value of said one or more other adjusted values represents a distance to said pre-defined base value, and wherein said adjusting includes facilitating a representation of a linear dependency between said plurality of adjusted values and said plurality of activity levels; calculating a plurality of coefficients of correlation, said calculating said plurality of coefficients of correlation including calculating a first coefficient of correlation between said plurality of adjusted values and said plurality of activity levels; determining that an absolute value of said first coefficient of correlation is less than a pre-defined threshold value; excluding, in response to said determining, said calendar type factor from said plurality of factors, said excluding including forming a subset of said plurality of factors, said subset including one or more factors, wherein an absolute value of a second coefficient of correlation between a set of values assigned to any factor of said one or more factors and said plurality of activity levels is greater than or equal to said pre-defined threshold value; and generating a regression model to predict an activity level, said regression model based on said plurality of activity levels and said subset.