March 4, 2008 - Popular Science
Engineering professors at the Stewart School of ISyE at Georgia Tech have demonstrated that statistics accurately inform success in the tournament. Most people's picks are based largely on emotional inference, they say, which leads to inaccurate choices. Their work has come about through a computer ranking system they devised called the Logistic Regression Markov Chain or LRMC. By analyzing factors such as scoreboard data, home court advantage, and margin of victory, the system's algorithm has achieved an 83 percent rate of accuracy over the past nine NCAA tournaments.
http://www.popsci.com/entertainment-gaming/article/2008-04/making-ncaa-picks-statistical-model-proves-most-accurate