In spite of presence of many classical and modified data analysis techniques, data analysis in the field of software engineering still remains a challenge because of the presence of large number of both continuous and discreet explanatory variables judging the outcome of one and more than one dependant variables. Requirement for an efficient multivariate data analysis technique which fulfils the constraints associated with software data led to the design of OSR (optimized set reduction) which uses a greedy algorithm for data analysis using both the principles of machine learning and conventional statistics. With the incoming of big data and other increasing dimensions of data set, we, through this paper, try to propose a new algorithm, based on the similar lines of optimised set reduction, using its strength to extract subsets. As the current trend of programming demands an algorithm to execute in parallel, we also propose a modification to our algorithm for it to run in a multicore platform with good efficiency.