1. A computer implemented method of performing projection based polynomial fitting, the method comprising: generating a plurality of sampling points as a function of variables; forming a polynomial model template representative of the plurality of sampling points, wherein the polynomial model template comprises at least one polynomial coefficient; forming a low-rank matrix using implicit power iteration to approximate the polynomial coefficient, wherein forming the low-rank matrix comprises using the steps of: (a) determining an initial estimate of a product of a singular value and a singular vector associated with the low-rank matrix, wherein the singular value is a first dominant singular value and the singular vector is at least one of a first dominant left singular vector and a first dominant right singular vector, (b) using the determined initial estimate of the product of the singular value and the singular vector to determine a second estimate of the product of the singular value and the singular vector, and (c) repeating steps (a) and (b) until a difference between a first error between the polynomial model template and the plurality of sampling points and a second error between the polynomial model template and the plurality of sampling points is reduced to a predetermined value; and providing a circuit design based on the low-rank matrix utilizing a computer-aided design tool.