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You usually project WAR at the beginning of the season based on past performance and what you think his future performance will be as affected by age and decline. I'm not a statistician nor am I an expert on this stuff, but if Soriano's got 1+ WAR right now, it doesn't mean he'll be a 3 WAR player at the end of the season, mostly because his peripherals are expected to regress to the mean.
it's good to use at the beginning or the end...in the middle of the season there are too many factors that get in the way...and too much fluctuation
soriano has a 1.8 WAR right now, has a zips R of 1.2, and a zips U of 2.9
the idea is that he's projected around 3 based on his season and how it can be predicted...of course as you said...he is expected to regress