Statistical timing analysis methods for circuits are described which compensate for circuit elements having correlated timing delays with a high degree of computational efficiency. An extended canonical timing model is used to represent each delay element along a circuit path, wherein the model bears information regarding any correlations that each element has to any other elements in the circuit (and/or to any external global factors, e.g., global temperature variations over the circuit, etc.). The model can be represented in a vectorized format which allows enhancement of computational efficiency, wherein the coefficients of the vectors allow an objective measure of element correlation (and wherein the vectors can be “pruned” by dropping insignificant coefficients to further enhance computational efficiency). A decomposition procedure can be used to decompose correlated elements into uncorrelated elements to allow delays to me more easily propagated through the timing diagram representing the circuit. Finally, a bounded approximation for the output of the MAX operator is described which provides a safely conservative approximation regardless of the linearity of the MAX output.