Model building methodologies are playing an increasingly significant role in many aspects of software engineering activities. Today models are being applied right from requirement conceptualization to the final software installation and maintenance. Traditional methodologies however, fail to cope with increasing complexity and rapidly evolving nature of the software. The need for an efficient model building methodology is quite manifest today. The main objective of this study is to propose and implement a novel Model Building Methodology utilizing Artificial Neural Network (ANN). In order to achieve this objective, information related to regression analysis was reviewed. © 2010 IEEE.