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New materials advanced the engineering design, but in view of making a rational selection, based only on a few characteristics, it is necessary to have a systematic procedure for the selection of materials and processes . A statistical approach is applied to the selection of materials for the new products. The choice of a material for an application is not based on all the attributes, but on a combination of properties. The paper presents a method for the reduction of attributes to a combination of a few initial factors, which are not a combination of the old factors, based on correlation. The extended use of multivariate correlation is exemplified in this paper. Statistical methods ensure higher productivity and flexibility for this activity.