1. A method of analyzing and recalibrating parameters for an electrical submersible pump (ESP) application model, the method comprising the steps of: generating a data set comprising a plurality of sets of ESP application model input parameters and associated theoretical output parameters for an ESP application model substantially matching a corresponding set of measured ESP output parameters defining a plurality of winning data sets or rows; and performing an averaging analysis on the plurality of winning data sets or rows to obtain a set of ESP application model input parameters usable to recalibrate the ESP application model.