The method of correlated temperatures provided a technique for computing the hot channel factor when a maximum fixed, but nonzero, number of hot channels is permitted in a reactor core. This method made adequate allowance for the fact that, of the various identifiable uncertainties affecting the core, some are global and some are local in nature. In this Note, a method is provided which has the same objectives as those of the method of correlated temperatures and uses the same formulation, but does away with the Monte Carlo computations of the latter. It is believed that the analytical method provided in this Note can be more easily adapted to the computations of hot channel reliability in an actual reactor.