Abstract: A method of determining an optimal statistical model that can best show the statistical characteristics of given data and an apparatus performing the method are provided. The method acquires target data to be analyzed, where the target data consists of a plurality of independent variables and a dependent variable. Then, the method determines one or more independent variables based on variances in the target data, establishes a first statistical model that shows the relationship between the m independent variables and the dependent variable, and calculates first error of the first statistical model. The method generates a plurality of first statistical models by repeatedly performing the steps of establishing the first statistical model and calculating the first error while changing the value of m, and selects a statistical model with minimum error as an optimal statistical model for the target data.